Guideline Value for Vettrivel Nagar

Vettrivel Nagar guideline value

The current guideline value of Vettrivel Nagar is Rs 1,200 per sq.ft, effective from 1 July 2024. This area is located in Madambakkam village, under the Gooduvancheri SRO, and is classified as Commercial Special Type - I.

How the guideline value of Vettrivel Nagar has changed

Since the 2007 revision, the guideline value has seen significant changes. In 2007, the value was Rs 245 per sq.ft, which increased to Rs 1,200 per sq.ft in 2012, marking a rise of 390%. However, from 2012 to 2017, the value decreased to Rs 804 per sq.ft, a decline of 33%. The value then rose again to Rs 1,200 per sq.ft in 2023, remaining stable at this figure through to the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%, maintaining the 2024 figure at Rs 1,200 per sq.ft, which shows no change from the previous year. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 110 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 800 to Rs 2,000 per sq.ft. The median value is Rs 1,200 per sq.ft, making the guideline value of Vettrivel Nagar equal to this median.

• Vignesh Avenue: Rs 1,200 per sq.ft (2024)
• Vignesh Avenue Extn: Rs 1,200 per sq.ft (2024)
• Vengadeswara Avenue: Rs 1,200 per sq.ft (2024)
• Vijay Gopal Nagar: Rs 1,200 per sq.ft (2024)
• Vijay Nagar: Rs 1,200 per sq.ft (2024)
• Vimala Nagar: Rs 800 per sq.ft (2024)

Stamp duty and registration fee for property in Vettrivel Nagar

For a 1,000 sq.ft plot at the current rate of Rs 1,200 per sq.ft, the guideline value amounts to Rs 12,00,000. The stamp duty at 7% would be Rs 84,000, and the registration fee at 2% would be Rs 24,000, totaling Rs 1,08,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vettrivel Nagar?

The Sub Registrar Office that covers Vettrivel Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Madambakkam. It serves as a benchmark for determining the stamp duty and registration fees that are applicable when buying or selling property.

When a property is registered, the guideline value is used to assess the stamp duty, which is calculated based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vettrivel Nagar?

The current guideline value of Vettrivel Nagar is Rs 1,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 245 per sq.ft in 2007 to Rs 1,200 per sq.ft in 2024, with various increases and decreases in between, including a 49% increase from 2017 to 2023.

What is the land classification of Vettrivel Nagar?

Vettrivel Nagar is classified as Commercial Special Type - I, which affects its guideline value and potential uses.

What are the stamp duty rates applicable in Vettrivel Nagar?

The stamp duty rate in Vettrivel Nagar is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Vettrivel Nagar?

The Sub Registrar Office for Vettrivel Nagar is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone.