Guideline Value for Elango Street

Elango Street guideline value

The current guideline value of Elango Street in Velachery village, under the Velacheri SRO, is Rs 4,950 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Elango Street has changed

The guideline value for Elango Street has seen several revisions over the years. In 2002, the value was Rs 343 per sq.ft, which increased significantly to Rs 385 per sq.ft in 2003. The following revision in 2012 saw the value rise to Rs 4,500 per sq.ft, but it then dropped to Rs 3,015 per sq.ft in 2017. After this decline, the value surged to Rs 4,500 per sq.ft in 2023, and most recently, it stands at Rs 4,950 per sq.ft as of the 2024 revision. Notably, there is no figure available for this street in the 2007 revision.

From the 2017 revision to the 2023 revision, there was a substantial increase of 49%. The 2023 to 2024 revision reflects a 10% increase. The most significant change occurred between 2003 and 2012, where the value rose dramatically by 1069%. Overall, from 2002 to 2024, the guideline value has increased by 1343%.

Guideline values in Velachery

In Velachery village, 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 guideline value in this area is Rs 4,400 per sq.ft, placing Elango Street's 2024 figure above that median.

• Elango Street in Bharathi Street: Rs 3,850 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

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, making the total fees together Rs 4,45,500. 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 detailed calculations.

Which Sub Registrar Office covers Elango Street?

The Sub Registrar Office that covers Elango 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 plays a crucial role in the registration process of property transactions in Velachery. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the registration process.

When a property is registered, the higher value between the guideline value and the sale price is considered for calculating the applicable fees. This ensures that the transaction is recorded accurately and that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Elango Street?

The current guideline value of Elango Street is Rs 4,950 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 4,950 per sq.ft in 2024, reflecting an overall increase of 1343% over the years.

What are the stamp duty and registration fees for properties in Elango Street?

For a property valued at Rs 49,50,000, the stamp duty would be Rs 3,46,500 and the registration fee would be Rs 99,000, totaling Rs 4,45,500.

Which Sub Registrar Office is responsible for Elango Street?

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

What is the land classification for Elango Street?

Elango Street falls under the Residential Class II Type - I land classification.