Guideline Value for Vetrivel Street

Vetrivel Street guideline value

The current guideline value of Vetrivel Street in Naravarikuppam village is Rs 1,870 per sq.ft, effective from 1 July 2024. This street falls under the Redhills SRO and is classified as Residential Class I Type - I.

How the guideline value of Vetrivel Street has changed

The guideline value for Vetrivel Street has seen several revisions over the years. In 2002, the guideline value was Rs 3,283 per sq.ft, which then decreased to Rs 335 per sq.ft in 2003, marking a significant drop of 90%. The value increased to Rs 500 per sq.ft in 2007, followed by a substantial rise to Rs 1,700 per sq.ft in 2012, reflecting a 240% increase. However, it fell again to Rs 1,139 per sq.ft in 2017, a decrease of 33%. The value then rose to Rs 1,700 per sq.ft in 2023, and finally, it reached Rs 1,870 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has decreased by 43%. The register has no figures for the years not mentioned in the revisions.

Guideline values in Naravarikuppam

In Naravarikuppam, there are 112 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft, with a median value of Rs 1,650 per sq.ft. Vetrivel Street's 2024 figure of Rs 1,870 per sq.ft is above this median.

• Venu Gopal Swamy Koil Street: Rs 1,650 per sq.ft (2024)
• Vikkaravandi Govindasamy Street: Rs 1,320 per sq.ft (2024)
• V.O.C. Street: Rs 3,300 per sq.ft (2024)
• V.O.C. Street Lane: Rs 3,300 per sq.ft (2024)
• Vallimayil Market City: Rs 2,210 per sq.ft (2024)
• Vallalar Nagar Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vetrivel Street

For a 1,000 sq.ft plot at the current rate of Rs 1,870 per sq.ft, the guideline value would be Rs 18,70,000. The stamp duty at 7% would be Rs 1,30,900, and the registration fee at 2% would be Rs 37,400, totaling Rs 1,68,300. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Vetrivel Street?

The Sub Registrar Office that covers Vetrivel Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is an essential factor during the registration of property transactions in Naravarikuppam. It serves as a benchmark for determining the stamp duty and registration fees payable when buying or selling property.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that the transaction is documented accurately according to the prevailing rates set by the Registration Department.

Frequently asked questions

What is the current guideline value of Vetrivel Street?

The current guideline value of Vetrivel Street is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,283 per sq.ft in 2002 to Rs 1,870 per sq.ft in 2024, showing an overall decrease of 43% over this period.

What are the other streets in Naravarikuppam with their guideline values?

Other streets in Naravarikuppam include Venu Gopal Swamy Koil Street at Rs 1,650 per sq.ft, Vikkaravandi Govindasamy Street at Rs 1,320 per sq.ft, and V.O.C. Street at Rs 3,300 per sq.ft, among others.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in Vetrivel Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Vetrivel Street?

The Sub Registrar Office for Vetrivel Street is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.