Guideline Value for Vembuli Amman 1st New Cross Street

Vembuli Amman 1st New Cross Street guideline value

The current guideline value of Vembuli Amman 1st New Cross Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the Virugambakkam SRO, and is classified as Mixed Special Type - I.

How the guideline value of Vembuli Amman 1st New Cross Street has changed

The guideline value for Vembuli Amman 1st New Cross Street has seen significant changes over the years. In the 2002 revision, the value was Rs 555 per sq.ft. This increased to Rs 615 per sq.ft in 2003, marking an 11% rise. The value then rose to Rs 750 per sq.ft in 2007, a substantial increase of 22%. Following this, the 2012 revision recorded a decrease to Rs 7,000 per sq.ft, which was a drop of 33% from the previous figure. However, the value surged dramatically to Rs 4,690 per sq.ft in the 2017 revision, reflecting a 49% increase. The guideline value further increased to Rs 7,000 per sq.ft in the 2023 revision, before reaching the current figure of Rs 7,700 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1287%. The register has no figure for the years not mentioned in the revisions above.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, placing the 2024 guideline value of Vembuli Amman 1st New Cross Street above this median.

• Vembuli Amman Koil 1st Cross Street: Rs 7,700 per sq.ft (2024)
• Vembuli Amman Koil Street: Rs 7,700 per sq.ft (2024)
• Vembuli Amman Koil Street (Gangaiamman Koil Street, S.No.158): Rs 7,700 per sq.ft (2024)
• Velan 4th Street: Rs 3,250 per sq.ft (2024)
• Velan 3rd Street: Rs 3,250 per sq.ft (2024)
• Velan 2nd Street: Rs 3,250 per sq.ft (2024)

Stamp duty and registration fee for property in Vembuli Amman 1st New Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, while the registration fee at 2% would be Rs 1,54,000. Together, the total cost would be Rs 6,93,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vembuli Amman 1st New Cross Street?

The Sub Registrar Office that covers Vembuli Amman 1st New Cross Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a critical factor during the registration of property transactions in Virugambakkam. It serves as the minimum value on which stamp duty and registration fees are calculated. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value helps determine the official price for registration purposes. This ensures that the transaction is recorded accurately and that the appropriate taxes are paid based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Vembuli Amman 1st New Cross Street?

The current guideline value of Vembuli Amman 1st New Cross Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 555 per sq.ft in 2002 to Rs 7,700 per sq.ft in 2024, reflecting a total increase of 1287% over this period.

What is the median guideline value in Virugambakkam?

The median guideline value in Virugambakkam is Rs 4,400 per sq.ft, with Vembuli Amman 1st New Cross Street's guideline value being above this median.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. These fees are calculated based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Vembuli Amman 1st New Cross Street located?

The Sub Registrar Office for Vembuli Amman 1st New Cross Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.