Guideline Value for Veeramani Nagar

Veeramani Nagar guideline value

The current guideline value of Veeramani Nagar, located in Nanmangalam village under the Pallavaram SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Veeramani Nagar has changed

The guideline value for Veeramani Nagar has seen several revisions over the years. In 2002, the value was Rs 110 per sq.ft, which increased to Rs 167 per sq.ft in 2003, marking a 52% rise. By 2007, the value jumped significantly to Rs 400 per sq.ft, reflecting a 140% increase. The 2012 revision saw a decrease to Rs 2,500 per sq.ft, a drop of 33%. In 2017, the value again rose to Rs 1,675 per sq.ft, showing a 49% increase. The most recent revision in 2023 set the value at Rs 2,500 per sq.ft, which then increased to Rs 2,750 per sq.ft in 2024, a 10% rise.

There are no figures available for the years between 2002 and 2002, 2003 and 2007, or 2012 and 2017 for this street. Overall, from 2002 to 2024, the guideline value has increased by 2400%.

Guideline values in Nanmangalam

Nanmangalam village has a total of 139 streets under the Pallavaram SRO, with guideline values for 2024 ranging from Rs 1,960 to Rs 3,850 per sq.ft. The guideline value for Veeramani Nagar is equal to the median value of Rs 2,750 per sq.ft.

• Veeramani Nagar 1 To 3 Streets: Rs 2,750 per sq.ft (2024)
• Veerapandi Nagar: Rs 1,960 per sq.ft (2024)
• Veerapandi Nagar 1 To 8 Streets: Rs 1,960 per sq.ft (2024)
• Vallalar Street: Rs 1,960 per sq.ft (2024)
• Vairavan Street: Rs 2,750 per sq.ft (2024)
• Vadivel Nagar Extn.: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Veeramani Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000. Together, these fees would total Rs 2,47,500. It is important to 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 Veeramani Nagar?

The Sub Registrar Office that covers Veeramani Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor when buying or selling property in Nanmangalam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the registration process.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that both the buyer and seller are aware of the financial implications of the transaction. This helps maintain transparency in property dealings.

Frequently asked questions

What is the current guideline value of Veeramani Nagar?

The current guideline value of Veeramani Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 110 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 2400%.

What are the other streets in Nanmangalam with their guideline values?

Other streets in Nanmangalam include Veerapandi Nagar at Rs 1,960 per sq.ft, Vallalar Street at Rs 1,960 per sq.ft, and Vairavan Street at Rs 2,750 per sq.ft, among others.

How is the stamp duty calculated for properties in Veeramani Nagar?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For a 1,000 sq.ft plot, the stamp duty would be Rs 1,92,500 based on the current guideline value.

Where is the Sub Registrar Office for Veeramani Nagar located?

The Sub Registrar Office for Veeramani Nagar is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone.