Guideline Value for Vembuli Nagar

Vembuli Nagar guideline value

The current guideline value of Vembuli Nagar, located in Zaminpallavaram village under the Pallavaram SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - II.

How the guideline value of Vembuli Nagar has changed

The guideline value of Vembuli Nagar has seen several revisions over the years. In 2003, the guideline value was Rs 398 per sq.ft, which increased to Rs 600 per sq.ft in 2007, marking a significant rise of 51%. This was followed by a substantial increase to Rs 3,000 per sq.ft in 2012, which represented a 400% jump. However, in 2017, the value decreased to Rs 2,010 per sq.ft, reflecting a decline of 33%. The guideline value then rose again to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,300 per sq.ft in 2024, a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 729%. It is important to note that there is no figure available for Vembuli Nagar in the 2002 revision.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO that have a 2024 guideline value ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which is equal to the current guideline value of Vembuli Nagar.

• Vembuliamman Koil 8th Street: Rs 3,850 per sq.ft (2024)
• Vembuliamman Koil 7th Street: Rs 3,850 per sq.ft (2024)
• Vembuliamman Koil 6th Street: Rs 3,850 per sq.ft (2024)
• Vembuliamman Koil 5th Street: Rs 3,850 per sq.ft (2024)
• Vembuliamman Koil 4th Street: Rs 3,850 per sq.ft (2024)
• Vembuliamman Koil 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Vembuli Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty is charged at 7%, which totals Rs 2,31,000, while the registration fee is 2%, amounting to Rs 66,000. Therefore, the total cost for stamp duty and registration fees together is Rs 2,97,000. 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 detailed calculations.

Which Sub Registrar Office covers Vembuli Nagar?

The Sub Registrar Office that covers Vembuli Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. To find your specific SRO, you can visit find your SRO.

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

The guideline value is an essential factor in the registration process when buying or selling property in Zaminpallavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately for legal and tax purposes.

When a property is sold, the buyer and seller must consider the guideline value to calculate the applicable stamp duty and registration fees. This ensures that both parties comply with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Vembuli Nagar?

The current guideline value of Vembuli Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Vembuli Nagar has changed from Rs 398 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 729% across various revisions.

What are the stamp duty and registration fees for property in Vembuli Nagar?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office covers Vembuli Nagar?

The Pallavaram Sub Registrar Office covers Vembuli Nagar, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the land classification of Vembuli Nagar?

Vembuli Nagar is classified as Residential Class I Type - II, indicating its suitability for residential development.