Guideline Value for VEL MEGA CITY PHASE - I

Vel Mega City Phase - I guideline value

The current guideline value of Vel Mega City Phase - I is Rs 550 per sq.ft, effective from 1 July 2024. This property is located in Pothur village, under the Redhills SRO, and is classified as Residential Class I Type - I.

How the guideline value of Vel Mega City Phase - I has changed

The guideline value for Vel Mega City Phase - I has seen several revisions over the years. In 2012, the value was set at Rs 500 per sq.ft. This was followed by a decrease to Rs 335 per sq.ft in 2017. The subsequent revision in 2023 raised the value to Rs 500 per sq.ft, and the most recent revision in 2024 has increased it to Rs 550 per sq.ft. There are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. The overall change from 2012 to 2024 shows a modest increase of 10%.

Guideline values in Pothur

Pothur village has a total of 98 streets under the Redhills SRO, with guideline values ranging from Rs 330 to Rs 2,000 per sq.ft. The median guideline value is Rs 550 per sq.ft, which matches the current value for Vel Mega City Phase - I.

• Vijayalakshmi Nagar: Rs 550 per sq.ft (2024)
• Vijayalakshmi Nagar Extension - II: Rs 550 per sq.ft (2024)
• Vijayalakshmi Nagar Extension III: Rs 550 per sq.ft (2024)
• Vijayalakshmi Nagar Extn.: Rs 550 per sq.ft (2024)
• Ultra Modern City: Rs 550 per sq.ft (2024)
• Vinoth Mishra Nagar: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Vel Mega City Phase - I

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, totaling Rs 49,500. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vel Mega City Phase - I?

The Sub Registrar Office that covers Vel Mega City Phase - I is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Pothur. It is used to determine the stamp duty and registration fees applicable when buying or selling property. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is registered, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Vel Mega City Phase - I?

The current guideline value of Vel Mega City Phase - I is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the land classification for Vel Mega City Phase - I?

Vel Mega City Phase - I is classified as Residential Class I Type - I.

Where is the Redhills Sub Registrar Office located?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for properties in Vel Mega City Phase - I?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the duty would be Rs 38,500 based on the current guideline value.