Guideline Value for Veerappan Lane

Veerappan Lane guideline value

The current guideline value of Veerappan Lane, located in Muthiyalpet village, is Rs 6,000 per sq.ft, effective from 1 July 2024. This street falls under the jurisdiction of the Sowcarpet SRO and is classified as Residential Special Type - I.

How the guideline value of Veerappan Lane has changed

The guideline value for Veerappan Lane has undergone several revisions over the years. In 2007, the guideline value was Rs 2,000 per sq.ft, which increased significantly to Rs 5,500 per sq.ft in 2012. However, there was a decrease to Rs 3,685 per sq.ft in 2017. The value then rose to Rs 5,500 per sq.ft in 2023 before reaching the current rate of Rs 6,000 per sq.ft in 2024. The register has no figures for the years 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%. The transition from 2023 to 2024 saw a further increase of 9%. Overall, from 2007 to 2024, the guideline value has increased by 200%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO, with guideline values for 2024 ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, making the current value of Veerappan Lane above the median.

• Veerappan Street: Rs 6,000 per sq.ft (2024)
• Veerangavedu Murugesa Mudali Street: Rs 4,900 per sq.ft (2024)
• Veerangavedu Murugesa Mudali Lane: Rs 4,400 per sq.ft (2024)
• Veerasamy Pillai Street: Rs 4,400 per sq.ft (2024)
• Vedha Vinayagar Lane: Rs 6,600 per sq.ft (2024)
• Vedha Vinayagar Koil Street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Veerappan Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value would be Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total cost to Rs 5,40,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Veerappan Lane?

The Sub Registrar Office that covers Veerappan Lane is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. To find your SRO, you can visit find your SRO.

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

The guideline value is a critical factor in the registration process when buying or selling property in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately in the official records.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees, which are essential costs that need to be considered during the transaction. Buyers and sellers should be aware of the current guideline value to ensure compliance with the registration requirements.

Frequently asked questions

What is the current guideline value of Veerappan Lane?

The current guideline value of Veerappan Lane is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, starting from Rs 2,000 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 200% since 2007.

What is the land classification for Veerappan Lane?

Veerappan Lane is classified as Residential Special Type - I, indicating its designation for residential use within the area.

Where is the Sowcarpet Sub Registrar Office located?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01. This office handles the registration of properties in the area.

How is stamp duty calculated for properties in Veerappan Lane?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 60,00,000 would incur a stamp duty of Rs 4,20,000 at a rate of 7%.