Guideline Value for VEL MURUGAN COLONY

Vel Murugan Colony guideline value

The current guideline value of Vel Murugan Colony is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Kilkattalai village, under the Pallavaram SRO, and is classified as Residential Class I Type - III.

How the guideline value of Vel Murugan Colony has changed

Over the years, the guideline value of Vel Murugan Colony has undergone several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which was a decrease of 33% from the Rs 1,340 per sq.ft established in the 2017 revision. The 2023 revision saw an increase to Rs 2,000 per sq.ft, and the current 2024 revision has further increased this to Rs 2,200 per sq.ft, marking a 10% rise from the previous year.

From the 2012 revision to the 2024 revision, the overall change is an increase of 10%. The guideline value has seen a significant increase of 49% from the 2017 revision to the 2023 revision. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Kilkattalai

Kilkattalai village has a total of 194 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,080 to Rs 5,500 per sq.ft as per the 2024 revision. The median guideline value for the village is Rs 2,530 per sq.ft, making the current value of Vel Murugan Colony below this median.

• Velmurugan Nagar: Rs 2,200 per sq.ft (2024)
• Velswamy Nagar Extension: Rs 4,125 per sq.ft (2024)
• Veluswamy Nagar: Rs 3,300 per sq.ft (2024)
• Venkateswara Nagar: Rs 4,125 per sq.ft (2024)
• Venkateswara Nagar MAIN ROAD: Rs 4,125 per sq.ft (2024)
• Vallakottai Murugan Street: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Vel Murugan Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vel Murugan Colony?

The Sub Registrar Office that covers Vel Murugan Colony is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of properties in Kilkattalai. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must consider the guideline value as it directly impacts the overall cost of property transactions.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. 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 Murugan Colony?

The current guideline value of Vel Murugan Colony is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 2,200 per sq.ft in 2024, with various revisions in between. The most significant change was a 49% increase from 2017 to 2023.

What is the land classification of Vel Murugan Colony?

Vel Murugan Colony is classified as Residential Class I Type - III, which indicates its suitability for residential development.

Where can I find the Sub Registrar Office for Vel Murugan Colony?

The Sub Registrar Office for Vel Murugan Colony is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the stamp duty calculated for properties in Vel Murugan Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.