Guideline Value for Veerasamy Pillai Street

Veerasamy Pillai Street guideline value

The current guideline value of Veerasamy Pillai Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village, under the Sowcarpet Sub Registrar Office (SRO). The land classification for this area is Residential Class I Type - I.

How the guideline value of Veerasamy Pillai Street has changed

The guideline value for Veerasamy Pillai Street has seen several revisions over the years. In 2003, the value was Rs 920 per sq.ft, which increased to Rs 1,200 per sq.ft in 2007, marking a change of +30%. The value then surged to Rs 4,000 per sq.ft in 2012, reflecting a significant increase of +233%. However, by 2017, the value dropped to Rs 2,680 per sq.ft, a decrease of -33%. The value then rose to Rs 4,000 per sq.ft in 2023, and currently stands at Rs 4,400 per sq.ft as of the 2024 revision, showing a +10% increase from the previous year.

The register has no figure for the year 2002 for Veerasamy Pillai Street. Overall, from 2003 to 2024, the guideline value has increased by +378%.

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 is Rs 4,400 per sq.ft, which is equal to the current guideline value of Veerasamy Pillai Street.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost for these fees to Rs 3,96,000. It is important to note that the 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 details.

Which Sub Registrar Office covers Veerasamy Pillai Street?

The Sub Registrar Office covering Veerasamy Pillai Street is 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 plays a crucial role in property transactions in Muthiyalpet. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. The value ensures that the government receives appropriate revenue from property transactions.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This process helps maintain transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of Veerasamy Pillai Street?

The current guideline value of Veerasamy Pillai Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 920 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of +378% over this period.

What is the median guideline value in Muthiyalpet?

The median guideline value in Muthiyalpet is Rs 4,400 per sq.ft, which is the same as the current guideline value for Veerasamy Pillai Street.

Where is the Sowcarpet Sub Registrar Office located?

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

How is stamp duty calculated for properties in Veerasamy Pillai Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 44,00,000, the stamp duty at 7% would be Rs 3,08,000.