Guideline Value for V.V. Colony 2nd Street

V.V. Colony 2nd Street guideline value

The current guideline value for V.V. Colony 2nd 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 2nd Street has changed

The guideline value for V.V. Colony 2nd Street has seen significant revisions over the years. In 2002, the guideline value was Rs 314 per sq.ft, which increased to Rs 352 per sq.ft in 2003, marking a 12% increase. The value then rose dramatically to Rs 3,500 per sq.ft in 2012, reflecting an 894% increase from the 2003 revision.

As of the 2024 revision, the guideline value stands at Rs 3,850 per sq.ft, representing a 10% increase from the 2012 figure. Overall, from 2002 to 2024, the guideline value has increased by 1126%. The register does not have figures for the years 2007, 2017, and 2023 for this street.

Guideline values in Velachery

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

• V.V. Colony 1st 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 2nd 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 be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. 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 2nd Street?

The Sub Registrar Office that covers V.V. Colony 2nd Street is 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 crucial 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, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the legal valuation of the property, which can influence negotiations and final sale agreements.

Frequently asked questions

What is the current guideline value for V.V. Colony 2nd Street?

The current guideline value for V.V. Colony 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 314 per sq.ft to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1126%.

What is the stamp duty rate for properties in V.V. Colony 2nd Street?

The stamp duty rate for properties in V.V. Colony 2nd Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the registration office for V.V. Colony 2nd Street?

The registration office for V.V. Colony 2nd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What are the other streets with the same guideline value in Velachery?

Other streets in Velachery with the same guideline value of Rs 3,850 per sq.ft include V.V. Colony 1st Street, V.V. Colony 3rd Street, V.V. Colony 4th Street, V.V. Colony (Vyravaneeswarar Colony), V.O.R. Station Road/Bhuvaneshwari Nagar, and VOC Street Baby Nagar Extn.