Guideline Value for Singara Velan Street

Singara Velan Street guideline value

The current guideline value of Singara Velan Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - I.

How the guideline value of Singara Velan Street has changed

The guideline value for Singara Velan Street has seen several revisions over the years. In 2002, the value was Rs 429 per sq.ft, which increased to Rs 467 per sq.ft in 2003, marking a 9% rise. The value then rose to Rs 500 per sq.ft in 2007, reflecting a 7% increase. A significant jump occurred in 2012, where the guideline value remained at Rs 3,500 per sq.ft, showing no change from the previous revision. The next revision in 2023 maintained the same value of Rs 3,500 per sq.ft.

In 2024, the guideline value was revised to Rs 3,850 per sq.ft, representing a 10% increase from the 2023 figure. Overall, from 2002 to 2024, the guideline value has increased by 797%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value is Rs 3,850 per sq.ft, which is the same as the current value for Singara Velan Street.

• Sivan Street: Rs 3,850 per sq.ft (2024)
• Solai Krishnan Street: Rs 4,950 per sq.ft (2024)
• Seyon Street: Rs 3,850 per sq.ft (2024)
• SRI Aravindar 1st Cross Street: Rs 3,850 per sq.ft (2024)
• SRI Aravindar Street: Rs 3,850 per sq.ft (2024)
• Senathipathi Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Singara Velan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value is Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Singara Velan Street?

The Sub Registrar Office covering Singara Velan Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Valasaravakkam, as it determines the stamp duty and registration fees applicable during the transaction. Buyers and sellers must refer to the current guideline value to ensure compliance with registration requirements.

When a property is registered, the guideline value serves as a benchmark for calculating the applicable fees. This ensures that the transaction is recorded accurately and in accordance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Singara Velan Street?

The current guideline value of Singara Velan Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 429 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 797% over the years.

What is the land classification for Singara Velan Street?

Singara Velan Street is classified as Residential Class II Type - I, which indicates its suitability for residential development.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Singara Velan Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 at 7%.