Guideline Value for Veeraraghavan Street (Vetri Nagar Extension)

Veeraraghavan Street (Vetri Nagar Extension) guideline value

The current guideline value of Veeraraghavan Street (Vetri Nagar Extension) is Rs 3,301 per sq.ft, effective from 1 July 2024. This street is located in Peravallur village and falls under the Sembiam SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Veeraraghavan Street (Vetri Nagar Extension) has changed

The guideline value for Veeraraghavan Street has undergone several revisions over the years. The earliest recorded figure is from 2007, where the value was Rs 800 per sq.ft. This increased significantly to Rs 3,000 per sq.ft in 2012, marking a 275% rise. However, in 2017, the value fell to Rs 2,010 per sq.ft, reflecting a decrease of 33%. The value then rose again to Rs 3,000 per sq.ft in 2023, and finally to the current figure of Rs 3,301 per sq.ft in 2024, which is a 10% increase from the previous year. Overall, from 2007 to 2024, the guideline value has increased by 313%.

It is important to note that the register does not have figures for the years 2002 and 2003 for this street. The 2024 revision of Rs 3,301 per sq.ft aligns with the median value of Rs 3,301 per sq.ft for the 423 streets in Peravallur under the Sembiam SRO.

Guideline values in Peravallur

In Peravallur, there are 423 streets under the Sembiam SRO that have a guideline value for 2024, ranging from Rs 2,200 to Rs 7,100 per sq.ft. The median value is Rs 3,301 per sq.ft, which is the same as the guideline value for Veeraraghavan Street (Vetri Nagar Extension). Here are some other streets in Peravallur:

• Veerapandiya Kattabomman Street (Bashyam Reddy Colony): Rs 2,700 per sq.ft (2024)
• Veerapandia Kattaboman Street (Vetri Nagar): Rs 3,301 per sq.ft (2024)
• Vengal Thottam 1st Street: Rs 2,700 per sq.ft (2024)
• Vengal Thottam 2nd Street: Rs 2,700 per sq.ft (2024)
• Vengal Thottam 3rd Street: Rs 2,700 per sq.ft (2024)
• Vengal Thottam 4th Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Veeraraghavan Street (Vetri Nagar Extension)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,301 per sq.ft, the total guideline value amounts to Rs 33,01,000. The stamp duty, calculated at 7%, would be Rs 2,31,070, while the registration fee at 2% would be Rs 66,020. Therefore, the total cost for stamp duty and registration fees would be Rs 2,97,090. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Veeraraghavan Street (Vetri Nagar Extension)?

The Sub Registrar Office that covers Veeraraghavan Street (Vetri Nagar Extension) is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Peravallur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of this value to ensure compliance with legal requirements during the transaction.

When a property is registered, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Veeraraghavan Street?

The current guideline value of Veeraraghavan Street (Vetri Nagar Extension) is Rs 3,301 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2007 to Rs 3,301 per sq.ft in 2024, marking an overall increase of 313% over the years.

What are the other streets in Peravallur with their guideline values?

Other streets in Peravallur include Veerapandiya Kattabomman Street at Rs 2,700 per sq.ft, Veerapandia Kattaboman Street at Rs 3,301 per sq.ft, and several Vengal Thottam streets at Rs 2,700 per sq.ft each.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in the area is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find more details online.