Guideline Value for Veyalate Flats

Veyalate Flats guideline value

The current guideline value of Veyalate Flats is Rs 7,100 per sq.ft, effective from 1 July 2024. This property is located in Mugappair village, under the Konnur Sub Registrar Office (SRO), and is classified as Residential Special Type - I.

How the guideline value of Veyalate Flats has changed

The guideline value for Veyalate Flats has seen significant changes over the years. Starting from Rs 368 per sq.ft in 2002, it increased to Rs 404 per sq.ft in 2003. The value then rose sharply to Rs 1,500 per sq.ft in 2007, followed by a decrease to Rs 6,500 per sq.ft in 2012. In 2017, it further increased to Rs 4,355 per sq.ft, before going up to Rs 6,500 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 7,100 per sq.ft.

In terms of percentage changes, the guideline value rose by 9% from 2023 to 2024. There was a significant increase of 49% from 2017 to 2023. However, there was a decrease of 33% from 2012 to 2017. The increase from 2007 to 2012 was 333%, and from 2003 to 2007, it rose by 271%. The overall change from 2002 to 2024 is an increase of 1829%.

Guideline values in Mugappair

In Mugappair, there are 224 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft, with the median value being Rs 7,100 per sq.ft. The guideline value for Veyalate Flats is equal to this median.

• V.G.N Avenue: Rs 7,100 per sq.ft (2024)
• V.G.N.Avenue Phase 2: Rs 7,100 per sq.ft (2024)
• V.G.N Avenue Phase I: Rs 7,100 per sq.ft (2024)
• Venugobal Samy Street @ Venugopal Street: Rs 7,100 per sq.ft (2024)
• V.G.P.Nagar: Rs 7,100 per sq.ft (2024)
• Vellalar Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Veyalate Flats

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total fees together to Rs 6,39,000. 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 detailed calculations.

Which Sub Registrar Office covers Veyalate Flats?

The Veyalate Flats fall under the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. For more information, you can find your SRO.

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

The guideline value is an important factor when buying or selling property in Mugappair. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers should be aware that the guideline value is used to calculate these fees, ensuring compliance with local regulations.

When registering a property, the guideline value helps establish a fair price for taxation purposes. This means that both buyers and sellers should be familiar with the current guideline value to avoid any unexpected costs during the registration process.

Frequently asked questions

What is the current guideline value of Veyalate Flats?

The current guideline value of Veyalate Flats is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 368 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, showing an overall increase of 1829% over the years.

What is the classification of the land for Veyalate Flats?

Veyalate Flats is classified as Residential Special Type - I, which is important for determining its guideline value.

Where can I find the Sub Registrar Office for Veyalate Flats?

The Sub Registrar Office covering Veyalate Flats is located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is stamp duty calculated for properties in Mugappair?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. It is essential to be aware of the current guideline value to understand the fees involved in property transactions.