Guideline Value for Vetri Nagar 2nd St

Vetri Nagar 2nd St guideline value

The current guideline value of Vetri Nagar 2nd St is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Tambaram village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Vetri Nagar 2nd St has changed

The guideline value for Vetri Nagar 2nd St has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which was then reduced to Rs 2,010 per sq.ft in the 2017 revision, marking a decrease of 33%. However, the value rebounded significantly in the 2023 revision to Rs 3,000 per sq.ft, followed by a further increase to Rs 3,300 per sq.ft in the 2024 revision, reflecting a 10% rise from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, comparing the 2012 revision to the current 2024 figure, there has been a 10% increase. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 8,250 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, which matches the current value of Vetri Nagar 2nd St.

• Vetri Nagar 1st St: Rs 3,300 per sq.ft (2024)
• Vetri Nagar 3rd St: Rs 3,300 per sq.ft (2024)
• Vetri Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Vetri Nagar: Rs 3,300 per sq.ft (2024)
• Venu Street: Rs 3,300 per sq.ft (2024)
• Vgn Mayfield Park Extension: Rs 8,250 per sq.ft (2024)

Stamp duty and registration fee for property in Vetri Nagar 2nd St

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty is charged at 7%, which totals Rs 2,31,000, and the registration fee is 2%, amounting to Rs 66,000. Together, the total cost for stamp duty and registration fee is Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vetri Nagar 2nd St?

The Sub Registrar Office that covers Vetri Nagar 2nd St is 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 details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Tambaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are conducted transparently and fairly.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Vetri Nagar 2nd St?

The current guideline value of Vetri Nagar 2nd St is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then back to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for Vetri Nagar 2nd St?

The land classification for Vetri Nagar 2nd St is Residential Class I Type - I, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for Vetri Nagar 2nd St?

The Sub Registrar Office for Vetri Nagar 2nd St is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for properties in Vetri Nagar 2nd St?

The stamp duty for properties in Vetri Nagar 2nd St is calculated at 7% of the guideline value or the sale price, whichever is higher. There is also a registration fee of 2% applicable.