Guideline Value for Veeralaxmi Nagar

Veeralaxmi Nagar guideline value

The current guideline value of Veeralaxmi Nagar is Rs 2,970 per sq.ft, effective from 1 July 2024. This area is located in Perungalathur village under the Padappai SRO, classified as Commercial Class I Type - II.

How the guideline value of Veeralaxmi Nagar has changed

The guideline value for Veeralaxmi Nagar has seen significant changes over the years. In 2007, the value was Rs 250 per sq.ft, which increased dramatically to Rs 2,700 per sq.ft in 2012, marking a rise of 980%. However, between 2012 and 2017, the value decreased to Rs 1,809 per sq.ft, a drop of 33%. The value then rose again to Rs 2,700 per sq.ft in 2023, reflecting a 49% increase.

The most recent revision in 2024 set the guideline value at Rs 2,970 per sq.ft, which is a 10% increase from the 2023 figure. Overall, from 2007 to 2024, the guideline value has increased by 1088%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Perungalathur

In Perungalathur, there are 411 streets under the Padappai SRO with a 2024 guideline value ranging from Rs 1,320 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,310 per sq.ft, placing Veeralaxmi Nagar's 2024 figure above this median.

• Veerappan Street: Rs 2,640 per sq.ft (2024)
• Vasantham Nagar: Rs 2,310 per sq.ft (2024)
• Vasantham Avenue: Rs 2,310 per sq.ft (2024)
• Varun Avenue: Rs 2,310 per sq.ft (2024)
• Varadhan Street: Rs 2,310 per sq.ft (2024)
• Varadha Nagar: Rs 3,120 per sq.ft (2024)

Stamp duty and registration fee for property in Veeralaxmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value is Rs 29,70,000. The stamp duty at 7% would be Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, bringing the total to Rs 2,67,300. Duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Veeralaxmi Nagar?

The Sub Registrar Office that covers Veeralaxmi Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Perungalathur

The guideline value is a crucial factor during the registration of property transactions in Perungalathur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair value, which aids in tax assessments and legal documentation. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Veeralaxmi Nagar?

The current guideline value of Veeralaxmi Nagar is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 250 per sq.ft in 2007 to Rs 2,970 per sq.ft in 2024, reflecting an overall increase of 1088%.

What is the registration office for Veeralaxmi Nagar?

The registration office for Veeralaxmi Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What are the stamp duty and registration fees for properties in Veeralaxmi Nagar?

For a property valued at Rs 29,70,000, the stamp duty would be Rs 2,07,900 and the registration fee would be Rs 59,400, totaling Rs 2,67,300.

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that the sale is recorded at a fair value for tax assessments and legal purposes.