Guideline Value for NEW VELLALA STREET

New Vellala Street guideline value

The current guideline value of New Vellala Street in Puliyur village under the Kodambakkam SRO is Rs 5,300 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - I.

How the guideline value of New Vellala Street has changed

The guideline value for New Vellala Street has seen several revisions over the years. In 2007, the value was Rs 1,300 per sq.ft, which increased significantly to Rs 4,900 per sq.ft in 2012, marking a rise of 277%. However, it then decreased to Rs 3,283 per sq.ft in 2017, reflecting a decline of 33%. From 2017 to 2023, the value increased to Rs 4,900 per sq.ft, which was a substantial rise of 49%. The most recent revision in 2024 brought the value to Rs 5,300 per sq.ft, an increase of 8% from the previous year.

The register has no figures for New Vellala Street for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 308%.

Guideline values in Puliyur

In Puliyur village, there are 648 streets under the Kodambakkam SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 14,300 per sq.ft. The median value is Rs 5,800 per sq.ft, indicating that New Vellala Street's 2024 figure is below this median.

• New West Street: Rs 4,400 per sq.ft (2024)
• N.G.O. Colony 1st Cross Street: Rs 5,000 per sq.ft (2024)
• N.G.O. Colony 1st Main Road(Choolaimedu): Rs 5,300 per sq.ft (2024)
• N.G.O. Colony 1 St Street (Vadapalani): Rs 5,000 per sq.ft (2024)
• N.G.O. Colony 2nd Cross Street (Choolaimedu): Rs 4,400 per sq.ft (2024)
• N.G.O. Colony 2nd Main Road (Choolaimedu): Rs 5,300 per sq.ft (2024)

Stamp duty and registration fee for property in New Vellala Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,300 per sq.ft, the total guideline value would be Rs 53,00,000. The stamp duty at 7% would be Rs 3,71,000, and the registration fee at 2% would be Rs 1,06,000, bringing the total fees to Rs 4,77,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Vellala Street?

The Sub Registrar Office that covers New Vellala Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Puliyur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of this value to ensure compliance with the registration requirements.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. Understanding the guideline value helps in accurately estimating these costs and ensuring a smooth registration process.

Frequently asked questions

What is the current guideline value of New Vellala Street?

The current guideline value of New Vellala Street is Rs 5,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly over the years, from Rs 1,300 per sq.ft in 2007 to Rs 5,300 per sq.ft in 2024, marking an overall increase of 308%.

What is the land classification for New Vellala Street?

New Vellala Street is classified as Residential Class II Type - I, which indicates its use for residential purposes.

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

For a property valued at Rs 53,00,000, the stamp duty would be Rs 3,71,000 and the registration fee would be Rs 1,06,000, totaling Rs 4,77,000.

Which office handles property registrations for New Vellala Street?

The Kodambakkam Sub Registrar Office handles property registrations for New Vellala Street, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.