Guideline Value for Vetri Nagar

Vetri Nagar guideline value

The current guideline value of Vetri Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Kolathur village and falls under the Sembiam SRO. The land classification for Vetri Nagar is Residential Class II Type - I.

How the guideline value of Vetri Nagar has changed

The guideline value for Vetri Nagar has undergone several revisions over the years. In 2003, the value was Rs 316 per sq.ft, which increased significantly to Rs 900 per sq.ft in 2007. The 2012 revision saw a rise to Rs 2,500 per sq.ft, but this was followed by a decrease to Rs 1,675 per sq.ft in 2017. The value then increased to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,700 per sq.ft as of the 2024 revision. Notably, there is no figure available for the year 2002 for this street.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. The transition from 2012 to 2017 saw a decrease of 33%. The rise from 2007 to 2012 was substantial at 178%, while the increase from 2003 to 2007 was 185%. Overall, from 2003 to 2024, the guideline value has increased by 754%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, making the guideline value for Vetri Nagar below this median.

• Vetriah Street: Rs 2,700 per sq.ft (2024)
• Vetriselvi Anbazagan Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Vetriselvi Anbazagan Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Vetriselvi Anbazagan Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Vetriselvi Anbazagan Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Vetriselvi Anbazagan Nagar 5th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vetri Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. 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 Vetri Nagar?

The Sub Registrar Office that covers Vetri Nagar is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Kolathur. It serves as a benchmark for determining the amount of stamp duty and registration fees that need to be paid at the time of registration.

When a property transaction occurs, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring that the government receives the correct revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vetri Nagar?

The current guideline value of Vetri Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 316 per sq.ft in 2003 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 754% from 2003 to 2024.

What is the land classification for Vetri Nagar?

Vetri Nagar is classified as Residential Class II Type - I, which indicates its suitability for residential development.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

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

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 27,00,000 would incur a stamp duty of Rs 1,89,000 at 7%.