Guideline Value for Vempuliamman Nagar

Vempuliamman Nagar guideline value

The current guideline value of Vempuliamman Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Nemilicherry village under the Pallavaram SRO and is classified as Residential Class I Type - III.

How the guideline value of Vempuliamman Nagar has changed

The guideline value for Vempuliamman Nagar has undergone several revisions over the years. In 2007, the guideline value was Rs 300 per sq.ft, which increased significantly to Rs 2,200 per sq.ft in 2012. However, it decreased to Rs 1,474 per sq.ft in 2017, before rising again to Rs 2,000 per sq.ft in 2023, and finally reaching Rs 2,200 per sq.ft in the 2024 revision.

Between the revisions, the changes were notable. From 2007 to 2012, the value increased by 633%. However, from 2012 to 2017, it saw a decrease of 33%. The value then rose by 36% from 2017 to 2023, and finally increased by 10% from 2023 to 2024. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,300 per sq.ft, with a median value of Rs 2,160 per sq.ft. The guideline value of Vempuliamman Nagar is above this median.

• Veerasidhi Vinayaga Koil Street: Rs 2,420 per sq.ft (2024)
• Vanchinathan Street: Rs 2,160 per sq.ft (2024)
• Valluvar High Road: Rs 2,200 per sq.ft (2024)
• Vigneshwara Nagar: Rs 2,200 per sq.ft (2024)
• Visweswaran Back Street: Rs 2,160 per sq.ft (2024)
• V.O.C. Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vempuliamman Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that 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 information.

Which Sub Registrar Office covers Vempuliamman Nagar?

The Vempuliamman Nagar area is covered by the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Nemilicherry. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on an officially recognized valuation of the property.

When buying or selling property, the guideline value helps both parties understand the minimum value for which the property should be registered. This ensures transparency and helps in maintaining a standard for property transactions in the area.

Frequently asked questions

What is the current guideline value of Vempuliamman Nagar?

The current guideline value of Vempuliamman Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2012, then decreased to Rs 1,474 per sq.ft in 2017, increased to Rs 2,000 per sq.ft in 2023, and finally reached Rs 2,200 per sq.ft in 2024.

What are the stamp duty rates for property in Vempuliamman Nagar?

The stamp duty rate for property transactions in Vempuliamman Nagar is 7% of the guideline value or the sale price, whichever is higher.

Which office handles property registration for Vempuliamman Nagar?

The Pallavaram Sub Registrar Office handles property registration for Vempuliamman Nagar, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the land classification of Vempuliamman Nagar?

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