Guideline Value for Veerappa Nagar 1st Street

Veerappa Nagar 1st Street guideline value

The current guideline value of Veerappa Nagar 1st Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Veerappa Nagar 1st Street has changed

The guideline value for Veerappa Nagar 1st Street has seen several revisions over the years. In 2002, the value was Rs 429 per sq.ft, which increased to Rs 467 per sq.ft in 2003, marking a 9% rise. The value continued to rise significantly, reaching Rs 650 per sq.ft in 2007, a 39% increase from the previous revision. By 2012, the guideline value was Rs 4,500 per sq.ft, reflecting a substantial increase of 592% from 2007. However, it dropped to Rs 3,015 per sq.ft in 2017, a decrease of 33%.

In 2023, the guideline value was revised to Rs 4,500 per sq.ft, and the latest revision in 2024 has set it at Rs 4,950 per sq.ft, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1,054%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 3,850 per sq.ft, placing Veerappa Nagar 1st Street above that median.

• Veerappa Nagar 1st Cross Street: Rs 4,950 per sq.ft (2024)
• Veerappa Nagar 2nd Street: Rs 4,950 per sq.ft (2024)
• Veerappa Nagar 3rd Street: Rs 4,950 per sq.ft (2024)
• Veerappa Nagar 4th Street: Rs 4,950 per sq.ft (2024)
• Veerappa Nagar Anex2: Rs 4,950 per sq.ft (2024)
• Veerappa Nagar Main Road: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Veerappa Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total to Rs 4,45,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Veerappa Nagar 1st Street?

The Sub Registrar Office that covers Veerappa Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Valasaravakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the government receives the appropriate stamp duty and registration fees based on the guideline value.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees, which are necessary for the legal transfer of ownership. Buyers and sellers should be aware of the current guideline value to ensure compliance with legal requirements during the transaction.

Frequently asked questions

What is the current guideline value of Veerappa Nagar 1st Street?

The current guideline value of Veerappa Nagar 1st Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 429 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, reflecting an overall increase of 1,054% over this period.

What is the land classification for Veerappa Nagar 1st Street?

Veerappa Nagar 1st Street is classified as Residential Class I Type - I.

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

For a property valued at Rs 49,50,000, the stamp duty would be Rs 3,46,500 and the registration fee would be Rs 99,000, totaling Rs 4,45,500.

Which office handles registrations for Veerappa Nagar 1st Street?

The Virugambakkam Sub Registrar Office handles registrations for Veerappa Nagar 1st Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.