Guideline Value for Veerapandi Street

Veerapandi Street guideline value

The current guideline value of Veerapandi Street in Padiyanallur village, under the Redhills SRO, is Rs 660 per sq.ft, effective from 1 July 2024. The land classification for this street is Residential Class II Type - I.

How the guideline value of Veerapandi Street has changed

The guideline value for Veerapandi Street has seen several revisions over the years. Starting from Rs 74 per sq.ft in 2003, it increased to Rs 300 per sq.ft in 2007, marking a significant rise of 305%. In 2012, the value was revised to Rs 600 per sq.ft, which was a 100% increase. However, it then decreased to Rs 402 per sq.ft in 2017, reflecting a decline of 33%. The guideline value rose again to Rs 600 per sq.ft in 2023, before reaching the current value of Rs 660 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 792%. It is important to note that there is no figure available for Veerapandi Street in the 2002 revision.

Guideline values in Padiyanallur

In Padiyanallur, there are 132 streets under the Redhills SRO that have a 2024 guideline value ranging from Rs 385 to Rs 2,750 per sq.ft, with a median value of Rs 770 per sq.ft. Veerapandi Street's current guideline value is below this median.

• Veeramamunivar Street: Rs 770 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)
• Vivakanandar Street: Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in Veerapandi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value amounts to Rs 6,60,000. The stamp duty at 7% would be Rs 46,200, and the registration fee at 2% would be Rs 13,200, bringing the total fees to Rs 59,400. 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 Veerapandi Street?

Veerapandi 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 an important factor in the registration process when buying or selling property. It serves as the basis for calculating the stamp duty and registration fees, which are mandatory during the transaction.

When a property is registered, the buyer must pay the stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Veerapandi Street?

The current guideline value of Veerapandi Street is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 74 per sq.ft in 2003 to Rs 660 per sq.ft in 2024, reflecting an overall increase of 792% over the years.

What is the land classification for Veerapandi Street?

Veerapandi Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in Veerapandi Street?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a plot of 1,000 sq.ft, these fees total Rs 59,400.

Where is the Redhills Sub Registrar Office located?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.