Guideline Value for Veeramamunivar Salai

Veeramamunivar Salai guideline value

The current guideline value of Veeramamunivar Salai is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Mugappair village, under the Konnur SRO, and is classified as Residential Class I Type - I.

How the guideline value of Veeramamunivar Salai has changed

The guideline value for Veeramamunivar Salai has undergone several revisions over the years. In 2002, the value was Rs 566 per sq.ft, which increased to Rs 622 per sq.ft in 2003, marking a 10% rise. The value then saw a significant increase to Rs 1,500 per sq.ft in 2007, reflecting a 141% change. Following this, the value rose dramatically to Rs 5,000 per sq.ft in 2012, which was a 233% increase. However, it decreased to Rs 3,350 per sq.ft in 2017, a decline of 33%. The value then increased to Rs 5,000 per sq.ft in 2023, followed by a final adjustment to Rs 5,500 per sq.ft in 2024, representing a 10% rise.

Overall, from 2002 to 2024, the guideline value has increased by 872%. There are no figures available for the revisions in years other than those listed above.

Guideline values in Mugappair

Mugappair village has a total of 224 streets under the Konnur SRO, with guideline values for 2024 ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 7,100 per sq.ft, placing Veeramamunivar Salai's current value below this median.

• Vellalar Street: Rs 5,500 per sq.ft (2024)
• Vandi Kalliamman Koil Street (a) Vandiamman Nagar: Rs 5,500 per sq.ft (2024)
• Vallel Parri Nagar: Rs 7,100 per sq.ft (2024)
• Vallal Pari Street: Rs 8,800 per sq.ft (2024)
• Vallaiyapathi Salai: Rs 8,800 per sq.ft (2024)
• Venugobal Samy Street @ Venugopal Street: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Veeramamunivar Salai

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total cost for these fees to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Veeramamunivar Salai?

The Sub Registrar Office that covers Veeramamunivar Salai is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration of property transactions in Mugappair. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property. Buyers and sellers should be aware that the guideline value is used to calculate these fees, ensuring that the transaction is compliant with local regulations.

When a property is registered, the guideline value is taken into account to ensure that the government receives the appropriate revenue from the transaction. This means that both buyers and sellers should be informed about the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Veeramamunivar Salai?

The current guideline value of Veeramamunivar Salai is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 566 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, showing an overall increase of 872% across the years.

What is the stamp duty rate for properties in Veeramamunivar Salai?

The stamp duty rate for properties in Veeramamunivar Salai is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office located for Veeramamunivar Salai?

The Sub Registrar Office for Veeramamunivar Salai is located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is the guideline value used in property transactions?

The guideline value is used to calculate the stamp duty and registration fees when buying or selling property. It ensures that the appropriate fees are paid to the government during the registration process.