Guideline Value for Vethandam Colony 3rd Street

Vethandam Colony 3rd Street guideline value

The current guideline value of Vethandam Colony 3rd Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Class I Type - II.

How the guideline value of Vethandam Colony 3rd Street has changed

Over the years, the guideline value of Vethandam Colony 3rd Street has seen several revisions. The 2012 revision set the value at Rs 2,500 per sq.ft, which remained unchanged in the 2017 revision, where it dropped to Rs 1,675 per sq.ft. The 2023 revision increased the value to Rs 2,500 per sq.ft, and the latest 2024 revision has raised it to Rs 2,750 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 1,650 per sq.ft, making the current guideline value of Vethandam Colony 3rd Street above this median.

• Vethanda Colony Muthal Cross Street: Rs 2,750 per sq.ft (2024)
• Vethadam Colony 2nd Street: Rs 2,750 per sq.ft (2024)
• Venkadeshwaralu Street: Rs 1,100 per sq.ft (2024)
• Vigneshpuram: Rs 1,100 per sq.ft (2024)
• Velappan Street: Rs 3,850 per sq.ft (2024)
• Velappan Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Vethandam Colony 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, making the total cost for these fees Rs 2,47,500. 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 Vethandam Colony 3rd Street?

The Vethandam Colony 3rd Street falls under the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Chitlapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the transaction is fairly assessed for tax purposes, reflecting the property's worth in the local market.

Frequently asked questions

What is the current guideline value of Vethandam Colony 3rd Street?

The current guideline value of Vethandam Colony 3rd Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,750 per sq.ft in 2024.

What is the land classification for Vethandam Colony 3rd Street?

Vethandam Colony 3rd Street is classified as Residential Class I Type - II.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the guideline value. For example, a 1,000 sq.ft plot would incur a total fee of Rs 2,47,500.

Which office handles registrations for Vethandam Colony 3rd Street?

The Tambaram Joint 1 Sub Registrar Office handles registrations for Vethandam Colony 3rd Street, located at No.26, Mes Road, East Tambaram, Chennai-600059.