Guideline Value for City limit road

City limit road guideline value

The current guideline value for City limit road in Velachery village is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Velacheri SRO and is classified as Residential Class II Type - II.

How the guideline value of City limit road has changed

The guideline value for City limit road has seen significant changes over the years. In 2002, the value was Rs 526 per sq.ft, which increased to Rs 590 per sq.ft in 2003. Following that, the value surged dramatically to Rs 1,800 per sq.ft in 2007, marking a 205% increase. The value continued to rise, reaching Rs 2,680 per sq.ft in 2017, a 49% increase from the previous revision. The 2023 revision set the value at Rs 4,000 per sq.ft, and the most recent revision in 2024 raised it to Rs 4,400 per sq.ft, reflecting a 10% increase.

There is no figure available for the 2012 revision for City limit road. Overall, from 2002 to 2024, the guideline value has increased by 737%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the guideline value of City limit road.

• City link road (N.G.G.O Colony): Rs 4,400 per sq.ft (2024)
• Church Gate Avenue: Rs 3,850 per sq.ft (2024)
• CPT Road (I.T. Corridor): Rs 4,400 per sq.ft (2024)
• Chokalingam Nagar 4th Street: Rs 4,400 per sq.ft (2024)
• Chokalingam Nagar 4th Main Road: Rs 4,400 per sq.ft (2024)
• Chokalingam Nagar 3rd Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in City limit road

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers City limit road?

The City limit road is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for additional information.

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

The guideline value is crucial during property transactions in Velachery, as it determines the minimum value at which properties can be registered. This value is used to calculate the stamp duty and registration fees, which are mandatory for all property transactions.

When buying or selling property, it is essential to refer to the guideline value to ensure compliance with local regulations. The registration process requires that the transaction value meets or exceeds the guideline value, ensuring transparency and legal adherence.

Frequently asked questions

What is the current guideline value for City limit road?

The current guideline value for City limit road is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 526 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 737% over this period.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions is typically charged at 7% of the guideline value or sale price, whichever is higher.

Where can I find the Velacheri Sub Registrar Office?

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

How does the guideline value affect property transactions?

The guideline value is used to determine the minimum registration value for properties, influencing the stamp duty and registration fees during transactions in Velachery.