Guideline Value for Veeramamunivar Street

Veeramamunivar Street guideline value

The current guideline value of Veeramamunivar Street in Padiyanallur village is Rs 770 per sq.ft, effective from 1 July 2024. This street falls under the Redhills SRO and is classified as Residential Class I Type - I.

How the guideline value of Veeramamunivar Street has changed

The guideline value for Veeramamunivar Street has seen several revisions over the years. In 2003, the value was Rs 171 per sq.ft, which increased significantly to Rs 400 per sq.ft in 2007. Following this, the value rose to Rs 700 per sq.ft in 2012, before dropping to Rs 469 per sq.ft in 2017. The value then increased to Rs 700 per sq.ft in 2023, and finally reached Rs 770 per sq.ft in the 2024 revision. It is important to note that the register has no figure for this street for the year 2002.

Examining the changes between revisions, the guideline value increased by 134% from 2003 to 2007, but saw a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023 and by 10% from 2023 to 2024. Overall, from 2003 to 2024, the guideline value has increased by 350%.

Guideline values in Padiyanallur

In Padiyanallur, there are 132 streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 385 to Rs 2,750 per sq.ft. The median value is Rs 770 per sq.ft, which is equal to the guideline value of Veeramamunivar Street.

• Veerapandi Street: Rs 660 per sq.ft (2024)
• Vanchinathan Street: Rs 660 per sq.ft (2024)
• Vallalar Street: Rs 770 per sq.ft (2024)
• Vadivel Nagar: Rs 1,320 per sq.ft (2024)
• Videsh Sanchar Nigam Employees Co-Operative Socity: Rs 2,500 per sq.ft (2024)
• Thiyagaraya Street: Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in Veeramamunivar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 770 per sq.ft, the total guideline value amounts to Rs 7,70,000. The stamp duty at 7% would be Rs 53,900, and the registration fee at 2% would be Rs 15,400, bringing the total fees to Rs 69,300. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Veeramamunivar Street?

Veeramamunivar Street is covered by the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Padiyanallur. It determines the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value for taxation purposes.

When buying or selling property, the guideline value influences the stamp duty and registration fees payable. It is essential for buyers and sellers to 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 Veeramamunivar Street?

The current guideline value of Veeramamunivar Street is Rs 770 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 171 per sq.ft in 2003 to Rs 770 per sq.ft in 2024, marking an overall increase of 350% over the years.

What are the stamp duty and registration fees for properties on Veeramamunivar Street?

For a 1,000 sq.ft property, the total guideline value is Rs 7,70,000. The stamp duty would be Rs 53,900, and the registration fee would be Rs 15,400, totaling Rs 69,300.

Which office handles the registration for Veeramamunivar Street?

The Redhills Sub Registrar Office handles the registration for Veeramamunivar Street, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum value for property registration, impacting the stamp duty and registration fees that buyers and sellers must pay during transactions.