Guideline Value for VeraChetty 2nd street

VeraChetty 2nd street guideline value

The current guideline value of VeraChetty 2nd street is Rs 4,800 per sq.ft. This street is located in Vepery village and falls under the Periamet SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of VeraChetty 2nd street has changed

The guideline value for VeraChetty 2nd street has seen several revisions over the years. In 2007, the guideline value was Rs 800 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in 2012. However, it then decreased to Rs 3,015 per sq.ft in 2017. The value rose again to Rs 4,500 per sq.ft in 2023, and currently stands at Rs 4,800 per sq.ft as of the 2024 revision.

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 has risen by 7% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 500%.

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 for these streets is Rs 4,800 per sq.ft, which is the same as the current guideline value for VeraChetty 2nd street.

• Vera Chetty 1st street: Rs 4,800 per sq.ft (2024)
• VeraChetty 3rd street: Rs 4,800 per sq.ft (2024)
• Veppery HighRoad: Rs 12,100 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 VeraChetty 2nd street

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 48,00,000. The stamp duty at 7% would be Rs 3,36,000, and the registration fee at 2% would be Rs 96,000, totaling 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. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers VeraChetty 2nd street?

The Sub Registrar Office that covers VeraChetty 2nd 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 in property transactions in Vepery. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. This ensures that the government receives the appropriate revenue from property transactions.

When you register a property, the guideline value helps in establishing a baseline for the transaction price. If the sale price of the property is higher than the guideline value, the stamp duty will be calculated based on the sale price instead.

Frequently asked questions

What is the current guideline value of VeraChetty 2nd street?

The current guideline value of VeraChetty 2nd 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 are the other streets in Vepery with the same guideline value?

Other streets in Vepery with the same guideline value of Rs 4,800 per sq.ft include Vera Chetty 1st street, VeraChetty 3rd street, Venkatesa Puram Colony New, and Venkatesa Mudali street.

Where can I find the Sub Registrar Office for VeraChetty 2nd street?

The Sub Registrar Office for VeraChetty 2nd street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is the stamp duty calculated for properties in Vepery?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. This ensures that the appropriate fees are collected during the registration process.