Guideline Value for S.P.VELU STREET

S.P.Velu Street guideline value

The current guideline value of S.P.Velu Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in the village of Sholinganallur - 1 and falls under the Neelankarai SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of S.P.Velu Street has changed

In the 2017 revision, the guideline value for S.P.Velu Street was Rs 1,340 per sq.ft. With the latest revision in 2024, the value increased to Rs 2,200 per sq.ft, marking a significant rise of 64%. Prior to the 2017 revision, there are no figures available for the years 2023, 2012, 2007, 2003, and 2002 for this street.

This increase from Rs 1,340 to Rs 2,200 reflects the changes in the guideline value over the years. The current figure of Rs 2,200 per sq.ft is equal to the median guideline value for other streets in Sholinganallur - 1, indicating a consistent valuation within the area.

Guideline values in Sholinganallur - 1

Sholinganallur - 1 has a total of 754 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, which is the same as the current value for S.P.Velu Street.

• Spring Garden 2nd Street: Rs 4,400 per sq.ft (2024)
• Spring Garden 1st Street: Rs 4,400 per sq.ft (2024)
• Spring Field: Rs 4,400 per sq.ft (2024)
• S.R. Boopathy Nagar (Grama Nadunchalai 38th Cross Street): Rs 2,200 per sq.ft (2024)
• S.R. Boopathy Nagar Part 1: Rs 2,200 per sq.ft (2024)
• S.R. Boopathy Nagar Part 2: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in S.P.Velu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that the stamp duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers S.P.Velu Street?

The Sub Registrar Office that covers S.P.Velu Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your specific SRO, you can find your SRO here.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value is a crucial factor in property transactions in Sholinganallur - 1, as it determines the minimum value at which properties can be registered. Buyers and sellers must consider this value during negotiations to ensure compliance with local regulations.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees, which are essential for completing the transaction legally. Understanding the guideline value helps in making informed decisions during property dealings.

Frequently asked questions

What is the current guideline value of S.P.Velu Street?

The current guideline value of S.P.Velu Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft, which is a rise of 64%.

Are there any revisions without figures for S.P.Velu Street?

Yes, the register has no figures for S.P.Velu Street for the years 2023, 2012, 2007, 2003, and 2002.

What is the land classification for S.P.Velu Street?

The land classification for S.P.Velu Street is Residential Class II Type - III.

Where can I find the Sub Registrar Office for S.P.Velu Street?

The Sub Registrar Office for S.P.Velu Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.