Guideline Value for Sri Velan Nagar

Sri Velan Nagar guideline value

The current guideline value of Sri Velan Nagar is Rs 830 per sq.ft, effective from 1 July 2024. This area is located in Padappai village, under the Padappai SRO, and is classified as Residential Class III Type - I.

How the guideline value of Sri Velan Nagar has changed

The guideline value for Sri Velan Nagar has undergone several revisions over the years. The earliest recorded revision in the register is from 2012, where the guideline value was Rs 750 per sq.ft. This was followed by a decrease to Rs 502 per sq.ft in the 2017 revision, marking a decline of 33%. However, the value increased significantly to Rs 750 per sq.ft in the 2023 revision, and then further rose to Rs 830 per sq.ft in the 2024 revision, reflecting an increase of 11% from the previous year.

The register does not contain figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 11%, showcasing the fluctuations over the years.

Guideline values in Padappai

In Padappai, there are 146 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 4,000 per sq.ft. The median value for these streets is Rs 830 per sq.ft, which is equal to the guideline value of Sri Velan Nagar.

• Sri Venkateshwara Nagar: Rs 1,320 per sq.ft (2024)
• Sri Thanthoniyamman Nagar: Rs 830 per sq.ft (2024)
• Sri Solai Nagar: Rs 1,320 per sq.ft (2024)
• Srishti Garden: Rs 990 per sq.ft (2024)
• Sri Selva Vinayagar Nagar: Rs 830 per sq.ft (2024)
• S S R Avenue: Rs 830 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Velan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 830 per sq.ft, the total guideline value amounts to Rs 8,30,000. The stamp duty at 7% would be Rs 58,100, and the registration fee at 2% would be Rs 16,600, making the total fees together Rs 74,700. It is important to note that 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 information.

Which Sub Registrar Office covers Sri Velan Nagar?

Sri Velan Nagar falls under the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during property registration in Padappai. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the transaction is recorded accurately in accordance with government regulations.

When buying or selling property, the guideline value helps determine the minimum price at which a property can be registered. Buyers and sellers must be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Sri Velan Nagar?

The current guideline value of Sri Velan Nagar is Rs 830 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 750 per sq.ft in 2012 to Rs 502 per sq.ft in 2017, then back to Rs 750 per sq.ft in 2023, and finally to Rs 830 per sq.ft in 2024.

What are the other streets in Padappai with similar guideline values?

Other streets in Padappai with a guideline value of Rs 830 per sq.ft include Sri Thanthoniyamman Nagar, Sri Selva Vinayagar Nagar, and S S R Avenue.

Where is the Padappai Sub Registrar Office located?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the stamp duty calculated for properties in Sri Velan Nagar?

The stamp duty for properties in Sri Velan Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 8,30,000 would incur a stamp duty of Rs 58,100.