Guideline Value for Veerappa Nagar Anex2

Veerappa Nagar Anex2 guideline value

The current guideline value of Veerappa Nagar Anex2 is Rs 4,950 per sq.ft, effective from 1 July 2024. This area 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 Anex2 has changed

The guideline value for Veerappa Nagar Anex2 has seen several revisions over the years. In 2002, the guideline value was Rs 429 per sq.ft, which increased to Rs 467 per sq.ft in 2003, marking a rise of 9%. The value then rose significantly to Rs 650 per sq.ft in 2007, an increase of 39%. Following this, the value surged to Rs 4,500 per sq.ft in 2012, reflecting a remarkable increase of 592%. However, from 2012 to 2017, the value dropped to Rs 3,015 per sq.ft, a decrease of 33%. The latest revision in 2024 sets the guideline value at Rs 4,950 per sq.ft, representing a substantial increase of 64% from the 2017 figure. It is important to note that the register has no figure for this street in 2023.

Overall, from 2002 to 2024, the guideline value has increased by 1,054%, demonstrating significant changes in property valuation over the years.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with 2024 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 Anex2's 2024 figure above the median.

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

Stamp duty and registration fee for property in Veerappa Nagar Anex2

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value amounts to Rs 49,50,000. The stamp duty, charged at 7%, would be Rs 3,46,500, while the registration fee at 2% would be Rs 99,000. Together, these fees total 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.

For more details on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Veerappa Nagar Anex2?

The Sub Registrar Office covering Veerappa Nagar Anex2 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 in the registration process when buying or selling property in Valasaravakkam. It serves as a benchmark for determining the stamp duty and registration fees payable at the time of registration.

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

Frequently asked questions

What is the current guideline value of Veerappa Nagar Anex2?

The current guideline value of Veerappa Nagar Anex2 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 changed significantly, increasing from Rs 429 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, which is an overall increase of 1,054%.

What are the stamp duty and registration fees for property in Veerappa Nagar Anex2?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 4,45,500.

Which office handles the registration for Veerappa Nagar Anex2?

The Virugambakkam Sub Registrar Office handles the registration for Veerappa Nagar Anex2, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How does the guideline value affect property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. Buyers pay duty based on the higher of the guideline value or the sale price.