Guideline Value for Veeravanji Street

Veeravanji Street guideline value

The current guideline value of Veeravanji Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, and falls under the Residential Class I Type - III land classification.

How the guideline value of Veeravanji Street has changed

The guideline value for Veeravanji Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was a decrease of 33% from the Rs 1,005 per sq.ft recorded in the 2017 revision. The 2023 revision increased the value to Rs 1,500 per sq.ft, and the latest 2024 revision has raised it further to Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for Veeravanji Street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam village, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, which is equal to the current value of Veeravanji Street.

• Veerapandia Kattapomman Street: Rs 2,750 per sq.ft (2024)
• Velappan Cross Street: Rs 2,750 per sq.ft (2024)
• Velappan Street: Rs 3,850 per sq.ft (2024)
• Vedandam Street: Rs 2,750 per sq.ft (2024)
• Vedandam Colony Main Road: Rs 2,750 per sq.ft (2024)
• Vedandam Colony Ist Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Veeravanji Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Veeravanji Street?

The Sub Registrar Office that covers Veeravanji Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, Chengalpattu registration zone.

You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Chitlapakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Veeravanji Street?

The current guideline value of Veeravanji Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2023 to Rs 1,650 per sq.ft in 2024, which is a 10% increase. The value has also increased from Rs 1,005 per sq.ft in 2017 to Rs 1,500 per sq.ft in 2023, marking a 49% increase.

What is the median guideline value in Chitlapakkam?

The median guideline value in Chitlapakkam is Rs 1,650 per sq.ft, which is the same as the current guideline value for Veeravanji Street.

What are the stamp duty and registration fees for properties in Veeravanji Street?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500. The duty is charged on the higher of the guideline value or the sale price.

Which office handles the registration for Veeravanji Street?

The Tambaram Joint 1 Sub Registrar Office handles the registration for Veeravanji Street, located at No.26, Mes Road, East Tambaram, Chennai-600059.