Guideline Value for Veerappa Nagar 2nd Street

Veerappa Nagar 2nd Street guideline value

The current guideline value of Veerappa Nagar 2nd Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Veerappa Nagar 2nd Street has changed

The guideline value for Veerappa Nagar 2nd Street has undergone 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. The value saw a significant rise to Rs 650 per sq.ft in 2007, followed by a jump to Rs 4,500 per sq.ft in 2012. However, it decreased to Rs 3,015 per sq.ft in 2017. The value then increased to Rs 4,500 per sq.ft in 2023 and is currently at Rs 4,950 per sq.ft as of the 2024 revision.

From 2017 to 2023, there was a notable increase of 49%, while the change from 2012 to 2017 was a decrease of 33%. The rise from 2007 to 2012 was substantial at 592%, and from 2003 to 2007, it increased by 39%. 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 guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, placing Veerappa Nagar 2nd Street's 2024 figure above this median.

• Veerappa Nagar 1st Street: Rs 4,950 per sq.ft (2024)
• Veerappa Nagar 3rd Street: Rs 4,950 per sq.ft (2024)
• Veerappa Nagar 1st Cross 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 2nd 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 charges to Rs 4,45,500. 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 detailed calculations.

Which Sub Registrar Office covers Veerappa Nagar 2nd Street?

The Sub Registrar Office that covers Veerappa Nagar 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. For more information, you can find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Valasaravakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these charges are based on the guideline value or the sale price, whichever is higher, ensuring transparency in property transactions.

Frequently asked questions

What is the current guideline value of Veerappa Nagar 2nd Street?

The current guideline value of Veerappa Nagar 2nd 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 seen several revisions, increasing from Rs 429 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, an overall increase of 1,054% over this period.

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

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would be Rs 4,45,500, calculated based on the guideline value of Rs 49,50,000.

Which office handles property registrations for Veerappa Nagar 2nd Street?

The Virugambakkam Sub Registrar Office handles property registrations for Veerappa Nagar 2nd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

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

The guideline value is essential for determining the minimum registration value of properties, ensuring that stamp duty and registration fees are appropriately calculated based on either the guideline value or the sale price, whichever is higher.