Guideline Value for Selvi Street

Selvi Street guideline value

The current guideline value of Selvi Street, located in Velachery village under the Velacheri SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - II land classification.

How the guideline value of Selvi Street has changed

The guideline value for Selvi Street has seen several revisions over the years. Starting from Rs 371 per sq.ft in 2002, it increased to Rs 740 per sq.ft in 2003, marking a significant rise of 99%. The value then surged dramatically to Rs 4,000 per sq.ft in 2012, which represented an increase of 441%. However, in 2017, the value dropped to Rs 2,680 per sq.ft, reflecting a decrease of 33%. The most recent revision in 2024 set the value at Rs 4,400 per sq.ft, which is an increase of 64% from the 2017 figure. Notably, there are no figures available for the years 2007 and 2023 in the register for this street.

Guideline values in Velachery

In Velachery, there are 2691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with the median value being Rs 4,400 per sq.ft. Selvi Street's 2024 guideline value matches this median.

• Selvi Street / Dr. Seethapathy Nagar: Rs 4,400 per sq.ft (2024)
• Senkazhani Amman Koil 1st Street: Rs 4,400 per sq.ft (2024)
• Senkazhani Amman Koil Street: Rs 4,400 per sq.ft (2024)
• Seetharam Nagar (Dr) Main Salai: Rs 5,500 per sq.ft (2024)
• Seetharam Nagar (Dr) Extn 1st Cross Street: Rs 5,500 per sq.ft (2024)
• Seetharam Nagar (Dr) (Entrance from Velachery Main Road towards East): Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in Selvi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty, calculated at 7%, would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Selvi Street?

Selvi Street falls under the jurisdiction of 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 during the registration of property transactions in Velachery. It serves as the baseline for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value is assessed to determine the applicable fees. Buyers should be aware that the fees are based on the higher of the guideline value or the sale price, which could impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Selvi Street?

The current guideline value of Selvi Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 371 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 1086% over this period.

What is the land classification for Selvi Street?

Selvi Street is classified under Residential Class II Type - II, indicating its designation for residential purposes.

Where is the Velacheri Sub Registrar Office located?

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

How is stamp duty calculated for properties in Selvi Street?

Stamp duty for properties in Selvi Street is calculated at 7% of the guideline value or the sale price, whichever is higher. The registration fee is charged at 2% of the guideline value.