Guideline Value for Vetrivel Nagar Extension

Vetrivel Nagar Extension guideline value

The current guideline value for Vetrivel Nagar Extension is Rs 3,300 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 this region is Residential Class I Type - I.

How the guideline value of Vetrivel Nagar Extension has changed

The guideline value for Vetrivel Nagar Extension has seen several revisions over the years. The earliest recorded value was Rs 900 per sq.ft in 2007, 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 before rising to Rs 3,000 per sq.ft again in 2023. The most recent revision in 2024 set the value at Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

In summary, the changes in guideline value from 2007 to 2024 show a substantial overall increase of 267%. Notably, the value rose from Rs 2,010 per sq.ft in 2017 to Rs 3,300 per sq.ft in 2024, representing a 49% increase over this period. The register has no figures for the years 2002 and 2003 regarding this street.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. Vetrivel Nagar Extension's 2024 guideline value is equal to this median.

• Vetrivel Nagar Main Road 1st Street: Rs 3,300 per sq.ft (2024)
• Vetrivel Nagar Main Road 2nd Street: Rs 3,300 per sq.ft (2024)
• Vetrivel Nagar: Rs 3,300 per sq.ft (2024)
• Vetrivel Nagar Main Road 3rd Street: Rs 3,300 per sq.ft (2024)
• Vetriselvi Anbazagan Nagar 8th Street: Rs 3,300 per sq.ft (2024)
• Vetriselvi Anbazagan Nagar 7th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vetrivel Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. It is important to note that 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 Vetrivel Nagar Extension?

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

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

The guideline value is a crucial factor when registering property transactions in Kolathur. It serves as a benchmark for determining the minimum value at which property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps to establish a fair price for the transaction, protecting both buyers and sellers. It is essential for all parties involved to be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value for Vetrivel Nagar Extension?

The current guideline value for Vetrivel Nagar Extension is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 900 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, representing an overall increase of 267%.

What is the land classification for Vetrivel Nagar Extension?

The land classification for Vetrivel Nagar Extension is Residential Class I Type - I, indicating its suitability for residential purposes.

Where is the Sembiam Sub Registrar Office located?

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

How is stamp duty calculated for properties in Vetrivel Nagar Extension?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 33,00,000, the stamp duty would be Rs 2,31,000.