Guideline Value for Vethammal Avenue

Vethammal Avenue guideline value

The current guideline value of Vethammal Avenue is Rs 7,000 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this area is Residential Special Type - III.

How the guideline value of Vethammal Avenue has changed

Over the years, the guideline value of Vethammal Avenue has seen significant changes. In the 2007 revision, the value was Rs 800 per sq.ft, which increased dramatically to Rs 6,500 per sq.ft in the 2012 revision, marking a rise of 713%. However, in the 2017 revision, the value decreased to Rs 4,355 per sq.ft, a drop of 33%. The guideline value then rose to Rs 6,500 per sq.ft in the 2023 revision, reflecting a 49% increase. The most recent revision in 2024 has set the guideline value at Rs 7,000 per sq.ft, which is an 8% increase from the previous year.

It is important to note that the register does not have figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 775%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value for these streets is Rs 4,900 per sq.ft, placing Vethammal Avenue's 2024 figure above this median.

• Venu Naicken Street Block 40: Rs 2,700 per sq.ft (2024)
• Venugopal Chetty Street: Rs 3,300 per sq.ft (2024)
• Venkatraman Street (JPT): Rs 2,700 per sq.ft (2024)
• Venkatraman Street: Rs 3,300 per sq.ft (2024)
• Venkatesapuram Colony 2nd Street (V.P): Rs 4,900 per sq.ft (2024)
• Venkatesapuram Colony 1st Street (V.P): Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Vethammal Avenue

For a 1,000 sq.ft plot at the current guideline value, the total guideline value would be Rs 70,00,000. The stamp duty at 7% would amount to Rs 4,90,000, and the registration fee at 2% would be Rs 1,40,000, bringing the total cost to Rs 6,30,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vethammal Avenue?

The Sub Registrar Office that covers Vethammal Avenue is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kodambakkam. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that both parties are aware of the financial obligations involved.

When a property is registered, the guideline value serves as a benchmark for the minimum value at which the property can be registered. This helps maintain transparency in property transactions and ensures that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Vethammal Avenue?

The current guideline value of Vethammal Avenue is Rs 7,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 800 per sq.ft in 2007 to Rs 7,000 per sq.ft in 2024, reflecting an overall increase of 775%.

What is the land classification for Vethammal Avenue?

The land classification for Vethammal Avenue is Residential Special Type - III.

What are the stamp duty rates for properties in Vethammal Avenue?

The stamp duty for properties in Vethammal Avenue is charged at a rate of 7% on the guideline value or sale price, whichever is higher.

Which office handles property registrations for Vethammal Avenue?

The Ashok Nagar Sub Registrar Office handles property registrations for Vethammal Avenue, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.