Guideline Value for V.V. Colony 1st Street

V.V. Colony 1st Street guideline value

The current guideline value of V.V. Colony 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of V.V. Colony 1st Street has changed

The guideline value for V.V. Colony 1st Street has seen several revisions over the years. Starting with the 2002 revision, the guideline value was Rs 314 per sq.ft. This increased to Rs 355 per sq.ft in 2003, marking a change of +13%. The value then experienced a significant rise to Rs 1,500 per sq.ft in 2007, which was an increase of +323%. Following this, the 2012 revision set the value at Rs 3,500 per sq.ft, a change of +133% from the previous figure. The most recent revision in 2024 has set the guideline value at Rs 3,850 per sq.ft, reflecting an increase of +10% from 2012.

There are no figures available for the revisions in 2017 and 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by +1126%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a guideline value for 2024, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing the 2024 figure for V.V. Colony 1st Street below this median.

• V.V. Colony 2nd Street: Rs 3,850 per sq.ft (2024)
• V.V. Colony 3rd Street: Rs 3,850 per sq.ft (2024)
• V.V. Colony 4th Street: Rs 3,850 per sq.ft (2024)
• V.V. Colony (Vyravaneeswarar Colony): Rs 3,850 per sq.ft (2024)
• V.O.R. Station Road/Bhuvaneshwari Nagar: Rs 3,850 per sq.ft (2024)
• VOC Street Baby Nagar Extn.: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in V.V. Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to 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 V.V. Colony 1st Street?

The V.V. Colony 1st Street falls under 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 details.

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

The guideline value is a critical factor in the registration process for property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees applicable to the transaction.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, protecting both the buyer and seller. It is essential to be aware of the guideline value for the specific property to understand the financial implications during the registration process.

Frequently asked questions

What is the current guideline value of V.V. Colony 1st Street?

The current guideline value of V.V. Colony 1st 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 changed from Rs 314 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of +1126% over the years.

What is the land classification for V.V. Colony 1st Street?

V.V. Colony 1st Street is classified as Residential Class II Type - III, which indicates its use for residential purposes.

What are the stamp duty and registration fees for property in V.V. Colony 1st Street?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total stamp duty and registration fee would amount to Rs 3,46,500.

Which office handles the registration for V.V. Colony 1st Street?

The Velacheri Sub Registrar Office handles the registration for V.V. Colony 1st Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.