Guideline Value for East Vellalar 1st Street

East Vellalar 1st Street guideline value

The current guideline value of East Vellalar 1st Street is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village and falls under the Alandur SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of East Vellalar 1st Street has changed

The guideline value for East Vellalar 1st Street has undergone several revisions over the years. In 2002, the guideline value was Rs 328 per sq.ft, which increased to Rs 374 per sq.ft in 2003, marking a 14% rise. The value then saw a significant increase to Rs 1,200 per sq.ft in 2007, reflecting a 221% change. Following this, the value rose to Rs 4,500 per sq.ft in 2012, indicating a 275% increase.

From 2012 to 2017, the guideline value decreased to Rs 3,015 per sq.ft, which was a decline of 33%. However, the value rebounded to Rs 4,500 per sq.ft in 2023, and most recently, it reached Rs 5,000 per sq.ft in 2024, showing an 11% increase from the previous year. The overall change from 2002 to 2024 is an impressive 1,424%.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, placing East Vellalar 1st Street's 2024 value above this median.

• East Vellalar 2nd Street: Rs 5,000 per sq.ft (2024)
• Elango Street: Rs 3,900 per sq.ft (2024)
• Dhamodaran Street: Rs 2,800 per sq.ft (2024)
• Devaraja Puram: Rs 3,900 per sq.ft (2024)
• Gandhi Street: Rs 3,900 per sq.ft (2024)
• Daniel Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in East Vellalar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value amounts to Rs 50,00,000. The stamp duty at 7% would be Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, making the total fees together Rs 4,50,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers East Vellalar 1st Street?

The Sub Registrar Office that covers East Vellalar 1st Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Adambakkam. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing a property. This value is set by the registration department and is regularly updated based on various factors.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of East Vellalar 1st Street?

The current guideline value of East Vellalar 1st Street is Rs 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 328 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, reflecting an overall increase of 1,424% over this period.

What is the land classification for East Vellalar 1st Street?

East Vellalar 1st Street is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 50,00,000, the stamp duty would be Rs 3,50,000 and the registration fee would be Rs 1,00,000, totaling Rs 4,50,000 in fees.

Where can I find the Sub Registrar Office for East Vellalar 1st Street?

The Sub Registrar Office for East Vellalar 1st Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.