Guideline Value for Veterin Lane

Veterin Lane guideline value

The current guideline value of Veterin Lane is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Cantonment Pallavaram village, under the Pallavaram SRO, and falls under the Mixed Type - II land classification.

How the guideline value of Veterin Lane has changed

The guideline value for Veterin Lane has undergone several revisions over the years. In 2003, the guideline value was Rs 1,035 per sq.ft, which saw a slight increase to Rs 1,045 per sq.ft in 2007. The value then rose significantly to Rs 4,000 per sq.ft in 2012, followed by a decrease to Rs 2,680 per sq.ft in 2017. The most recent revisions show an increase to Rs 4,000 per sq.ft in 2023, and now it stands at Rs 4,400 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 325%. The register has no figure for this street in 2002.

Guideline values in Cantonment Pallavaram

In Cantonment Pallavaram, there are 81 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 11,000 per sq.ft, with a median of Rs 2,700 per sq.ft. The guideline value for Veterin Lane is above this median.

• Venkatachala Naicken Street: Rs 2,200 per sq.ft (2024)
• Venkatachalam Street: Rs 3,300 per sq.ft (2024)
• Valluvar Street: Rs 2,700 per sq.ft (2024)
• Xavier Street: Rs 2,200 per sq.ft (2024)
• Yadaval Street: Rs 2,700 per sq.ft (2024)
• Tennary Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Veterin Lane

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Veterin Lane?

The Sub Registrar Office that covers Veterin Lane is 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 information.

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

The guideline value is a critical factor during the registration of property transactions in Cantonment Pallavaram. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the official value of the property. This value is used to calculate the stamp duty and registration fees, which are essential components of the property transaction process.

Frequently asked questions

What is the current guideline value of Veterin Lane?

The current guideline value of Veterin Lane is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,035 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 325% over the years.

What are the stamp duty and registration fees for properties in Veterin Lane?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles the registration for Veterin Lane?

The Pallavaram Sub Registrar Office handles the registration for Veterin Lane, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the land classification for Veterin Lane?

Veterin Lane is classified as Mixed Type - II, which indicates the type of land use and development allowed in the area.