Guideline Value for Gulmohar Avenue/Velachery Road

Gulmohar Avenue/Velachery Road guideline value

The current guideline value of Gulmohar Avenue/Velachery Road is Rs 13,200 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Gulmohar Avenue/Velachery Road has changed

The guideline value for Gulmohar Avenue/Velachery Road has seen several revisions over the years. The 2012 revision set the value at Rs 12,000 per sq.ft, which remained unchanged until the 2023 revision. In 2023, the value was again Rs 12,000 per sq.ft, but this changed with the 2024 revision, which increased the guideline value to Rs 13,200 per sq.ft, marking a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2017. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

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 for these streets is Rs 4,400 per sq.ft, placing Gulmohar Avenue/Velachery Road above this median.

• Gulmohar Avenue Velachery Main Road: Rs 13,200 per sq.ft (2024)
• Gopal Street,Annai Indira Nagar: Rs 4,400 per sq.ft (2024)
• Housing Board Society Colony (Slum Board): Rs 3,850 per sq.ft (2024)
• Hutsan Avenue: Rs 5,500 per sq.ft (2024)
• Gopalapillai Street: Rs 4,950 per sq.ft (2024)
• Gopalakrishnan Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Gulmohar Avenue/Velachery Road

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value amounts to Rs 1,32,00,000. The stamp duty at 7% would be Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, bringing the total fees to Rs 11,88,000. Stamp 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 Gulmohar Avenue/Velachery Road?

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

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

The guideline value is a crucial factor in the registration process for property transactions in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

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

Frequently asked questions

What is the current guideline value of Gulmohar Avenue/Velachery Road?

The current guideline value of Gulmohar Avenue/Velachery Road is Rs 13,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 12,000 per sq.ft in 2012 to Rs 12,000 per sq.ft in 2023, and then increased to Rs 13,200 per sq.ft in 2024. Overall, there has been a 10% increase from 2012 to 2024.

What is the land classification for Gulmohar Avenue/Velachery Road?

Gulmohar Avenue/Velachery Road is classified as Commercial Class I Type - I, indicating its commercial significance within the area.

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

For a property valued at Rs 1,32,00,000, the stamp duty would be Rs 9,24,000 and the registration fee would be Rs 2,64,000, totaling Rs 11,88,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Gulmohar Avenue/Velachery Road located?

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