Guideline Value for Elango Street in Bharathi Street

Elango Street in Bharathi Street guideline value

The current guideline value of Elango Street in Bharathi Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Elango Street in Bharathi Street has changed

The guideline value for Elango Street in Bharathi Street has undergone several revisions over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 2,345 per sq.ft. The next revision in 2023 brought the value up to Rs 3,500 per sq.ft, followed by the current 2024 revision, which increased it to Rs 3,850 per sq.ft, marking a 10% increase from the previous year.

From 2012 to 2024, the overall change in guideline value is an increase of 10%. The significant jump occurred between 2017 and 2023, where the value rose by 49%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, placing Elango Street's current 2024 figure below that median.

• Elango Street: Rs 4,950 per sq.ft (2024)
• E.B.Colony Vel Nagar 6th Street: Rs 4,400 per sq.ft (2024)
• E.B.Colony Vel Nagar 5th Street: Rs 4,400 per sq.ft (2024)
• E.B.Colony Vel Nagar 4th Street: Rs 4,400 per sq.ft (2024)
• E.B. Colony/Vel Nagar 3rd Street: Rs 4,400 per sq.ft (2024)
• E.B. Colony/Vel Nagar 2nd Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Elango Street in Bharathi Street

For a plot of 1,000 sq.ft 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 amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees to Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Elango Street in Bharathi Street?

The Sub Registrar Office that covers Elango Street in Bharathi 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 in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is compared with 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 in the area.

Frequently asked questions

What is the current guideline value of Elango Street in Bharathi Street?

The current guideline value of Elango Street in Bharathi 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, representing a 10% increase. It was Rs 2,345 per sq.ft in 2017, and the overall change from 2012 to 2024 is an increase of 10%.

What is the land classification for Elango Street?

Elango Street is classified as Residential Class II Type - III, indicating its suitability for residential purposes.

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

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles registrations for properties in Elango Street.

How is stamp duty calculated for properties in Velachery?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 38,50,000 would incur a stamp duty of Rs 2,69,500 at a rate of 7%.