Guideline Value for VeraChetty 3rd street

VeraChetty 3rd street guideline value

The current guideline value of VeraChetty 3rd 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 falls under the Residential Class II Type - II land classification.

How the guideline value of VeraChetty 3rd street has changed

The guideline value for VeraChetty 3rd street has experienced several revisions over the years. In the 2007 revision, the value was Rs 800 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in the 2012 revision. However, in 2017, it dropped to Rs 3,015 per sq.ft before rising again to Rs 4,500 per sq.ft in 2023. The latest revision in 2024 set the value at Rs 4,800 per sq.ft, marking a 7% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 500%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery village, 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 guideline value is Rs 4,800 per sq.ft, which matches the current value of VeraChetty 3rd street.

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

For a 1,000 sq.ft plot at the current rate, the guideline value would be Rs 48,00,000. The stamp duty at 7% would amount to Rs 3,36,000, while 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 and the sale price. You can use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers VeraChetty 3rd street?

The Sub Registrar Office that covers VeraChetty 3rd street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for further assistance.

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 properties can be registered, ensuring transparency in the buying and selling process.

When a buyer or seller approaches the registration office, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial implications of the transaction based on the established guideline values.

Frequently asked questions

What is the current guideline value of VeraChetty 3rd street?

The current guideline value of VeraChetty 3rd 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, reflecting a total increase of 500% over the years.

What is the land classification for VeraChetty 3rd street?

VeraChetty 3rd street is classified as Residential Class II Type - II.

Where can I find the registration office for VeraChetty 3rd street?

The registration office for VeraChetty 3rd street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is 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. For instance, for a property valued at Rs 48,00,000, the stamp duty would be calculated accordingly.