Guideline Value for Veeramamunivar Street / Muthamzhi Nagar

Veeramamunivar Street / Muthamzhi Nagar guideline value

The current guideline value of Veeramamunivar Street / Muthamzhi Nagar is Rs 2,475 per sq.ft, effective from 1 July 2024. This street is located in Pammal village, under the Pammal SRO, and is classified as Residential Class I Type - II.

How the guideline value of Veeramamunivar Street / Muthamzhi Nagar has changed

The guideline value for Veeramamunivar Street / Muthamzhi Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 242 per sq.ft. This increased to Rs 274 per sq.ft in 2003, marking a 13% rise. By 2007, the value further increased to Rs 360 per sq.ft, which was a 31% increase from the previous revision. However, there are no figures recorded for this street in the revisions of 2012 and 2017.

In 2023, the guideline value rose to Rs 2,250 per sq.ft, reflecting a substantial 525% increase since 2007. The most recent revision in 2024 set the guideline value at Rs 2,475 per sq.ft, which is a 10% increase from 2023. Overall, from 2002 to 2024, the guideline value has increased by 923%.

Guideline values in Pammal

Pammal village has a total of 926 streets under the Pammal SRO, with guideline values ranging from Rs 880 to Rs 3,300 per sq.ft in 2024. The median guideline value in this village is Rs 2,090 per sq.ft, placing Veeramamunivar Street / Muthamzhi Nagar above this median.

• Veeramani Street / Thriuvalluvar Nagar: Rs 2,475 per sq.ft (2024)
• Veerapandya Kattabooman Street / Muthumazhi Nagar: Rs 2,475 per sq.ft (2024)
• Veeraragavan Street /Hindustan Lever Colony: Rs 2,530 per sq.ft (2024)
• Vedhagiri Street, Pasumpon Nagar: Rs 1,980 per sq.ft (2024)
• Vedagiri Mudaliyar Street: Rs 1,980 per sq.ft (2024)
• Vellangani Street: Rs 1,760 per sq.ft (2024)

Stamp duty and registration fee for property in Veeramamunivar Street / Muthamzhi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,475 per sq.ft, the total guideline value would be Rs 24,75,000. The stamp duty at 7% would amount to Rs 1,73,250, while the registration fee at 2% would be Rs 49,500. Together, the total cost for stamp duty and registration would be Rs 2,22,750. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For a detailed calculation, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Veeramamunivar Street / Muthamzhi Nagar?

The Sub Registrar Office covering Veeramamunivar Street / Muthamzhi Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Pammal. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the state government receives appropriate revenue from property transactions.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This system helps maintain transparency and fairness in property transactions, ensuring that all parties are aware of the financial implications involved.

Frequently asked questions

What is the current guideline value of Veeramamunivar Street / Muthamzhi Nagar?

The current guideline value of Veeramamunivar Street / Muthamzhi Nagar is Rs 2,475 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 242 per sq.ft in 2002 to Rs 2,475 per sq.ft in 2024, representing an overall increase of 923%.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 24,75,000, the stamp duty would be Rs 1,73,250 and the registration fee would be Rs 49,500, totaling Rs 2,22,750.

Which office handles property registrations in Pammal?

The Pammal Sub Registrar Office handles property registrations in Pammal, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the median guideline value in Pammal village?

The median guideline value in Pammal village is Rs 2,090 per sq.ft, with Veeramamunivar Street / Muthamzhi Nagar's value being above this median.