Guideline Value for Vera Chetty 1st street

Vera Chetty 1st street guideline value

The current guideline value of Vera Chetty 1st street is Rs 4,800 per sq.ft, effective from 1 July 2024. This street is located in Vepery village, under the Periamet SRO, and is classified as Residential Class II Type - II.

How the guideline value of Vera Chetty 1st street has changed

The guideline value for Vera Chetty 1st street has undergone several revisions over the years. The earliest recorded value was Rs 800 per sq.ft in 2007, which saw a significant increase to Rs 4,500 per sq.ft in 2012. However, this value decreased to Rs 3,015 per sq.ft in 2017. The subsequent revision in 2023 raised the value to Rs 4,500 per sq.ft, and the most recent revision in 2024 set the value at Rs 4,800 per sq.ft.

Between the revisions, the changes are notable. From 2007 to 2012, there was an increase of 463%, followed by a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and finally, a 7% increase from 2023 to 2024. There are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median value is Rs 4,800 per sq.ft, which is equal to the 2024 figure for Vera Chetty 1st street.

• Veppery HighRoad: Rs 12,100 per sq.ft (2024)
• VeraChetty 2nd street: Rs 4,800 per sq.ft (2024)
• VeraChetty 3rd street: Rs 4,800 per sq.ft (2024)
• Vepery Church road: Rs 7,700 per sq.ft (2024)
• Venkatesa Puram Colony New: Rs 4,800 per sq.ft (2024)
• Venkatesa Mudali street: Rs 4,800 per sq.ft (2024)

Stamp duty and registration fee for property in Vera Chetty 1st street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,800 per sq.ft, the total guideline value would be Rs 48,00,000. The stamp duty at 7% would amount to Rs 3,36,000, and the registration fee at 2% would be Rs 96,000. Together, these fees would total Rs 4,32,000. 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 details.

Which Sub Registrar Office covers Vera Chetty 1st street?

The Sub Registrar Office that covers Vera Chetty 1st street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Vepery. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must take this value into account to ensure compliance with legal requirements.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value of Vera Chetty 1st street?

The current guideline value of Vera Chetty 1st street is Rs 4,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2007 to Rs 4,800 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification of Vera Chetty 1st street?

Vera Chetty 1st street is classified as Residential Class II Type - II.

Where can I find the registration office for Vera Chetty 1st street?

The registration office for Vera Chetty 1st street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 4,32,000.