Guideline Value for Vetri Nagar 1st Main Road

Vetri Nagar 1st Main Road guideline value

The current guideline value of Vetri Nagar 1st Main Road is Rs 3,301 per sq.ft, effective from 1 July 2024. This road is located in Peravallur village and falls under the Sembiam Sub Registrar Office (SRO). The land classification for this area is Residential Special Type - II.

How the guideline value of Vetri Nagar 1st Main Road has changed

The guideline value for Vetri Nagar 1st Main Road has seen several revisions over the years. In 2007, the guideline value was Rs 700 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012. However, this figure dropped to Rs 2,010 per sq.ft in 2017. The 2023 revision brought it back up to Rs 3,000 per sq.ft, and the latest revision in 2024 set it at Rs 3,301 per sq.ft, marking a 10% increase from the previous year.

Between the revisions, the most notable change occurred from 2007 to 2012, with an increase of 329%. The value then decreased by 33% from 2012 to 2017. From 2017 to 2023, there was a significant increase of 49%. Overall, from 2007 to 2024, the guideline value has increased by 372%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Peravallur

In Peravallur, there are 423 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 7,100 per sq.ft. The median guideline value is Rs 3,301 per sq.ft, which is equal to the current value of Vetri Nagar 1st Main Road.

• Vetri Nagar 2nd Main Road: Rs 3,301 per sq.ft (2024)
• Vetri Nagar 3rd Main Road: Rs 3,301 per sq.ft (2024)
• Vetri Nagar 4th Main Road: Rs 3,301 per sq.ft (2024)
• Vetri Nagar East Main Road: Rs 3,301 per sq.ft (2024)
• Venugopal Street (Vetri Nagar): Rs 4,200 per sq.ft (2024)
• Venugopal Street (Bashyam Reddy Colony): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Vetri Nagar 1st Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,301 per sq.ft, the total guideline value would be Rs 33,01,000. The stamp duty, charged at 7%, would amount to Rs 2,31,070, while the registration fee at 2% would be Rs 66,020. Together, these fees would total Rs 2,97,090. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vetri Nagar 1st Main Road?

The Sub Registrar Office that covers Vetri Nagar 1st Main Road is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property in Peravallur. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable fees, which are necessary for the legal transfer of ownership. This ensures that both parties are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Vetri Nagar 1st Main Road?

The current guideline value of Vetri Nagar 1st Main Road is Rs 3,301 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2007 to Rs 3,301 per sq.ft in 2024, reflecting an overall increase of 372% over this period.

What is the land classification for Vetri Nagar 1st Main Road?

The land classification for Vetri Nagar 1st Main Road is Residential Special Type - II, indicating its intended use for residential purposes.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. This office handles the registration of properties in the area.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,01,000, the total fees would include a stamp duty of Rs 2,31,070 and a registration fee of Rs 66,020.