Guideline Value for Venkatesan Street (Vetri Nagar)

Venkatesan Street (Vetri Nagar) guideline value

The current guideline value of Venkatesan Street (Vetri Nagar) is Rs 3,301 per sq.ft, effective from 1 July 2024. This street is located in Peravallur village and falls under the Sembiam SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Venkatesan Street (Vetri Nagar) has changed

The guideline value for Venkatesan Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 492 per sq.ft. This increased to Rs 536 per sq.ft in 2003, marking a 9% rise. The value then experienced a significant jump of 87% to reach Rs 1,000 per sq.ft in 2007. Following this, the 2012 revision saw the value at Rs 3,000 per sq.ft, which was a 200% increase from the previous figure.

In 2017, the guideline value was revised to Rs 2,010 per sq.ft, a decrease of 33%. However, from 2017 to 2023, the value rose by 49% to Rs 3,000 per sq.ft. The most recent revision in 2024 has set the value at Rs 3,301 per sq.ft, reflecting a 10% increase from the previous year.

Guideline values in Peravallur

In Peravallur, there are 423 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 7,100 per sq.ft. The median guideline value for the area is Rs 3,301 per sq.ft, which is equal to the current value of Venkatesan Street (Vetri Nagar). Below are other streets in Peravallur:

• Venkatesan Salai (Periyar Nagar): Rs 3,301 per sq.ft (2024)
• Vengal Thottam 6th Street: Rs 2,700 per sq.ft (2024)
• Vengal Thottam 5th Street: Rs 2,700 per sq.ft (2024)
• Vengal Thottam 4th Street: Rs 2,700 per sq.ft (2024)
• Vengal Thottam 3rd Street: Rs 2,700 per sq.ft (2024)
• Vengal Thottam 2nd Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatesan Street (Vetri Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,301 per sq.ft, the total guideline value amounts to Rs 33,01,000. The stamp duty at 7% would be Rs 2,31,070, and the registration fee at 2% would be Rs 66,020, making the total cost Rs 2,97,090. 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 Venkatesan Street (Vetri Nagar)?

The Sub Registrar Office that covers Venkatesan Street (Vetri Nagar) is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Peravallur. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, if the sale price is higher than the guideline value, the stamp duty is calculated based on the sale price. Conversely, if the sale price is lower than the guideline value, the stamp duty will be based on the guideline value instead.

Frequently asked questions

What is the current guideline value of Venkatesan Street (Vetri Nagar)?

The current guideline value of Venkatesan Street (Vetri Nagar) is Rs 3,301 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has gone through several revisions, starting from Rs 492 per sq.ft in 2002 to Rs 3,301 per sq.ft in 2024, reflecting an overall increase of 571% since 2002.

What is the median guideline value for streets in Peravallur?

The median guideline value for streets in Peravallur is Rs 3,301 per sq.ft, which is the same as the current guideline value for Venkatesan Street (Vetri Nagar).

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

For a property valued at Rs 33,01,000, the stamp duty would be Rs 2,31,070 and the registration fee would be Rs 66,020, totaling Rs 2,97,090.

Where is the Sub Registrar Office for Venkatesan Street (Vetri Nagar)?

The Sub Registrar Office covering Venkatesan Street (Vetri Nagar) is located at 5, Papermills Road, Sembiam, Chennai - 600011.