Guideline Value for Veerappan Street

Veerappan Street guideline value

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

How the guideline value of Veerappan Street has changed

The guideline value for Veerappan Street has undergone several revisions over the years. In 2003, the value was Rs 1,268 per sq.ft, which increased to Rs 2,000 per sq.ft in 2007, marking a significant rise of 58%. The value then surged to Rs 5,500 per sq.ft in 2012, reflecting a remarkable increase of 175%. However, from 2012 to 2017, the value decreased to Rs 3,685 per sq.ft, a drop of 33%. The value saw a substantial increase to Rs 5,500 per sq.ft in 2023, which was followed by another rise to Rs 6,000 per sq.ft in 2024, representing a 9% increase.

Overall, from 2003 to 2024, the guideline value has increased by 373%. It is important to note that the register has no figure for the year 2002 for this street.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value, ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Veerappan Street's 2024 figure above this median.

• Veerappan Lane: Rs 6,000 per sq.ft (2024)
• Veerasamy Pillai Street: Rs 4,400 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)
• 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 Street

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 amount to Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total cost for these fees to Rs 5,40,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Veerappan Street?

Veerappan Street is covered by the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Muthiyalpet. It serves as a benchmark for the minimum price at which property transactions can be registered, ensuring transparency and fairness in property dealings.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, impacting the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Veerappan Street?

The current guideline value of Veerappan Street 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 changed significantly, increasing from Rs 1,268 per sq.ft in 2003 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 373% over this period.

What is the land classification for Veerappan Street?

Veerappan Street is classified as Residential Special Type - I, indicating its designated use for residential purposes.

Where can I find the Sub Registrar Office for Veerappan Street?

The Sub Registrar Office covering Veerappan Street is located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are 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 stamp duty and registration fees based on this amount.