Guideline Value for Vembuli Nagar

Vembuli Nagar guideline value

The current guideline value of Vembuli Nagar, located in Chembakkam village under the Selaiyur SRO, is Rs 1,400 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - II land classification.

How the guideline value of Vembuli Nagar has changed

Over the years, the guideline value for Vembuli Nagar has seen several revisions. The 2024 revision sets the value at Rs 1,400 per sq.ft, an increase from Rs 1,300 per sq.ft in 2023. This change represents an 8% rise. The 2023 value was significantly higher than the 2017 revision of Rs 871 per sq.ft, which had increased by 49% from the previous 2012 figure of Rs 1,300 per sq.ft. The 2012 value had decreased by 33% from Rs 920 per sq.ft in 2007. Overall, from 2007 to 2024, the guideline value has increased by 52%.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. The changes in the guideline values reflect the adjustments made by the authorities based on various factors affecting the area.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 6,700 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Vembuli Nagar is below this median.

• Vembuli Nagar 1st Street: Rs 1,400 per sq.ft (2024)
• Vembuli Bhavanandhiar Street Extn: Rs 1,400 per sq.ft (2024)
• Vembuli Nagar 2nd Street: Rs 1,400 per sq.ft (2024)
• Vembuli Nagar Main Road: Rs 1,400 per sq.ft (2024)
• Velachery Main Road: Rs 4,300 per sq.ft (2024)
• Veeramamunivar Street: Rs 1,600 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 1,400 per sq.ft, the total guideline value would be Rs 14,00,000. The stamp duty at 7% would amount to Rs 98,000, and the registration fee at 2% would be Rs 28,000, totaling Rs 1,26,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Vembuli Nagar?

The Sub Registrar Office that covers Vembuli Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Chembakkam. 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 sold, the sale price and the guideline value are compared, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vembuli Nagar?

The current guideline value of Vembuli Nagar is Rs 1,400 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 2007 to Rs 1,400 per sq.ft in 2024, reflecting an overall increase of 52% over the years.

What is the registration office for Vembuli Nagar?

The Selaiyur Sub Registrar Office covers Vembuli Nagar, located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Chennai - 600 073.

How is the stamp duty calculated for properties in Vembuli Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 14,00,000, the stamp duty would be Rs 98,000 at 7%.

What are the other streets in Chembakkam with the same guideline value?

Other streets in Chembakkam that share the same guideline value of Rs 1,400 per sq.ft include Vembuli Nagar 1st Street, Vembuli Bhavanandhiar Street Extn, Vembuli Nagar 2nd Street, and Vembuli Nagar Main Road.