Guideline Value for Veeravanchi Nagar

Veeravanchi Nagar guideline value

The current guideline value of Veeravanchi Nagar is Rs 505 per sq.ft, effective from 1 July 2024. This area is located in Orathur village under the Gooduvancheri SRO and is classified as Residential Special Type - III.

How the guideline value of Veeravanchi Nagar has changed

The guideline value for Veeravanchi Nagar has undergone several revisions over the years. In 2007, the value was set at Rs 150 per sq.ft. This increased significantly to Rs 500 per sq.ft in 2012, representing a 233% rise. However, it then decreased to Rs 335 per sq.ft in 2017, marking a decline of 33%. The value saw a substantial increase of 49% to reach Rs 500 per sq.ft in 2023, and it has now risen by 1% to Rs 505 per sq.ft as of the 2024 revision.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 237%.

Guideline values in Orathur

In Orathur, there are 80 streets under the Gooduvancheri SRO that have a 2024 guideline value ranging from Rs 335 to Rs 1,700 per sq.ft. The median value for these streets is Rs 500 per sq.ft, and Veeravanchi Nagar's 2024 figure is above this median.

• Veerabathira Nagar: Rs 500 per sq.ft (2024)
• Vignesh Garden: Rs 402 per sq.ft (2024)
• Vignesh Garden Extension: Rs 700 per sq.ft (2024)
• Vignesh Garden Extension-I: Rs 700 per sq.ft (2024)
• Vijaya Nagar: Rs 505 per sq.ft (2024)
• Vinayaga Nagar: Rs 505 per sq.ft (2024)

Stamp duty and registration fee for property in Veeravanchi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 505 per sq.ft, the total guideline value would be Rs 5,05,000. The stamp duty at 7% would amount to Rs 35,350, and the registration fee at 2% would be Rs 10,100, making the total fees together Rs 45,450. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Veeravanchi Nagar?

The Sub Registrar Office that covers Veeravanchi Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

When buying or selling property in Orathur, the guideline value is an essential factor in determining the stamp duty and registration fees. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the transaction is recorded accurately in the official register.

It is crucial for buyers and sellers to be aware of the current guideline value as it directly affects the costs associated with property transactions. This helps in ensuring compliance with local regulations and avoiding any potential legal issues during the registration process.

Frequently asked questions

What is the current guideline value of Veeravanchi Nagar?

The current guideline value of Veeravanchi Nagar is Rs 505 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 150 per sq.ft in 2007 to Rs 505 per sq.ft in 2024, reflecting an overall increase of 237% over the years.

What is the land classification for Veeravanchi Nagar?

Veeravanchi Nagar is classified as Residential Special Type - III, indicating its intended use for residential purposes.

Where is the Gooduvancheri Sub Registrar Office located?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

How is stamp duty calculated for properties in Veeravanchi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a plot valued at Rs 5,05,000, the stamp duty at 7% would be Rs 35,350.