Guideline Value for Chellappa Street

Chellappa Street guideline value

The current guideline value of Chellappa Street in Velachery village, under the Velacheri SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - III.

How the guideline value of Chellappa Street has changed

The guideline value for Chellappa Street has seen significant changes over the years. In 2002, the value was Rs 343 per sq.ft, which increased to Rs 385 per sq.ft in 2003, marking a rise of 12%. The value then surged dramatically to Rs 1,500 per sq.ft in 2007, reflecting a substantial increase of 290%. Following this, in 2012, the value remained the same at Rs 3,500 per sq.ft, but then decreased to Rs 2,345 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 3,500 per sq.ft in 2023, before reaching the current rate of Rs 3,850 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,022%. There are no figures available for the years not listed in the register for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Chellappa Street's current guideline value is below this median.

• Chelliamman Lane (Selliamman Lane): Rs 4,400 per sq.ft (2024)
• Chelliamman Nagar 1st street: Rs 4,950 per sq.ft (2024)
• Chelliamman Nagar 2nd street: Rs 4,950 per sq.ft (2024)
• Chelliamman Nagar 3rd street: Rs 4,950 per sq.ft (2024)
• Chelliamman Nagar Main Road: Rs 4,950 per sq.ft (2024)
• Chandru Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Chellappa 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, charged at 7%, would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. Together, the total charges would be 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.

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

Which Sub Registrar Office covers Chellappa Street?

The Sub Registrar Office that covers Chellappa Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

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

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the taxes are appropriately levied based on the established rates, which helps maintain transparency in property transactions.

Frequently asked questions

What is the current guideline value of Chellappa Street?

The current guideline value of Chellappa 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 343 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting a significant overall increase of 1,022% over this period.

What is the land classification for Chellappa Street?

The land classification for Chellappa Street is Residential Class II Type - III.

How does the guideline value compare to other streets in Velachery?

Chellappa Street's guideline value of Rs 3,850 per sq.ft is below the median value of Rs 4,400 per sq.ft for other streets in Velachery.

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

The Velacheri Sub Registrar Office, which covers Chellappa Street, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.