Guideline Value for Vetrivel Street

Vetrivel Street guideline value

The current guideline value of Vetrivel Street in Kodungaiyur village, under the Madhavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - I.

How the guideline value of Vetrivel Street has changed

Over the years, the guideline value of Vetrivel Street has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. The subsequent 2023 revision increased it to Rs 2,000 per sq.ft, followed by the current 2024 revision, which raised it to Rs 2,200 per sq.ft. There are no figures available for the years 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. However, it increased by 49% from 2017 to 2023. The overall change from the 2012 value to the current 2024 value is an increase of 10%.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO, with guideline values for 2024 ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median value is Rs 2,700 per sq.ft, placing Vetrivel Street's current value below this median.

• Vetrivel Street (Gandhi Nagar): Rs 2,700 per sq.ft (2024)
• Vethamuthu Street: Rs 2,200 per sq.ft (2024)
• Venkateswara Nagar (Part-II) 3rd Cross Street: Rs 2,700 per sq.ft (2024)
• Venkateswara Nagar (Part-II) 2nd Cross Street: Rs 2,700 per sq.ft (2024)
• Venkateswara Nagar (Part-II) 1st Cross Street: Rs 2,700 per sq.ft (2024)
• Venkateswara Nagar (Part-I) 2nd Cross Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Vetrivel Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Vetrivel Street?

The Sub Registrar Office that covers Vetrivel Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kodungaiyur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with local regulations.

At the time of registration, the guideline value will be used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Vetrivel Street?

The current guideline value of Vetrivel Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Vetrivel Street?

Vetrivel Street is classified as Residential Class II Type - I.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Vetrivel Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For a property valued at Rs 22,00,000, the stamp duty at 7% would be Rs 1,54,000.