Guideline Value for Vu.Ve.Saminatha Street

Vu.Ve.Saminatha Street guideline value

The current guideline value of Vu.Ve.Saminatha Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Vu.Ve.Saminatha Street has changed

Over the years, the guideline value of Vu.Ve.Saminatha Street has undergone several revisions. The 2012 revision set the value at Rs 3,500 per sq.ft, which was then reduced to Rs 2,345 per sq.ft in the 2017 revision. This marked a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49%, bringing it back to Rs 3,500 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 3,850 per sq.ft, reflecting a 10% rise from the previous year.

The register has no figures for the years 2002, 2003, and 2007 for this street. Overall, comparing the 2012 revision to the 2024 revision, there is a cumulative increase of 10% in the guideline value.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that have a guideline value for 2024, ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, and Vu.Ve.Saminatha Street's 2024 figure is above this median.

• Vu.Ve.Saminatha Cross Street: Rs 2,750 per sq.ft (2024)
• VOC Saminathan Street: Rs 2,750 per sq.ft (2024)
• Yamuna Street: Rs 2,750 per sq.ft (2024)
• Viyasar Street: Rs 1,650 per sq.ft (2024)
• Viswamithran Street: Rs 1,650 per sq.ft (2024)
• 50 Feet 3rd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vu.Ve.Saminatha Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, making the total cost for these fees Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vu.Ve.Saminatha Street?

The Sub Registrar Office that covers Vu.Ve.Saminatha Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Chitlapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is transparent and fair.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vu.Ve.Saminatha Street?

The current guideline value of Vu.Ve.Saminatha Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, marking a 10% increase. It was Rs 2,345 per sq.ft in 2017, which shows a significant increase of 49% by 2023.

What are the other streets in Chitlapakkam and their guideline values?

Other streets in Chitlapakkam include Vu.Ve.Saminatha Cross Street at Rs 2,750 per sq.ft, VOC Saminathan Street at Rs 2,750 per sq.ft, and Yamuna Street at Rs 2,750 per sq.ft, among others. Vu.Ve.Saminatha Street's guideline value is higher than the median of Rs 1,650 per sq.ft.

What fees are associated with buying property on Vu.Ve.Saminatha Street?

When buying property on Vu.Ve.Saminatha Street, buyers should expect to pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur fees totaling Rs 3,46,500.

Which office handles property registration for Vu.Ve.Saminatha Street?

The Tambaram Joint 1 Sub Registrar Office handles property registration for Vu.Ve.Saminatha Street. It is located at No.26, Mes Road, East Tambaram, Chennai-600059.