Guideline Value for VELA VINAYAGAR NAGAR

Vela Vinayagar Nagar guideline value

The current guideline value of Vela Vinayagar Nagar is Rs 330 per sq.ft, effective from 1 July 2024. This area is located in Nanthiambakkam village, under the Thiruvottiyur SRO, and is classified as Residential Special Type - II.

How the guideline value of Vela Vinayagar Nagar has changed

The guideline value for Vela Vinayagar Nagar has seen several revisions over the years. The earliest recorded value was Rs 28 per sq.ft in 2003, which increased to Rs 50 per sq.ft in 2007. Following this, the value jumped significantly to Rs 300 per sq.ft in 2012, marking a 500% increase. However, it then decreased to Rs 201 per sq.ft in 2017, a reduction of 33%. The value rose again to Rs 300 per sq.ft in 2023, and most recently to Rs 330 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 1079%. The register does not have a figure for the year 2002 for this street.

Guideline values in Nanthiambakkam

In Nanthiambakkam, there are 85 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 275 to Rs 770 per sq.ft. The median guideline value for these streets is Rs 330 per sq.ft, which is the same as the current value for Vela Vinayagar Nagar.

• Veeravanji Road: Rs 330 per sq.ft (2024)
• Venkatesa Nagar: Rs 330 per sq.ft (2024)
• Vasavi Nagar: Rs 330 per sq.ft (2024)
• Venkatraman Nagar: Rs 330 per sq.ft (2024)
• Vetri Nagar: Rs 440 per sq.ft (2024)
• Vallal Seethagathi Nagar: Rs 330 per sq.ft (2024)

Stamp duty and registration fee for property in Vela Vinayagar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 330 per sq.ft, the total guideline value would be Rs 3,30,000. The stamp duty at 7% would be Rs 23,100, and the registration fee at 2% would be Rs 6,600, leading to a total of Rs 29,700. It is important to note that the 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 Vela Vinayagar Nagar?

The Sub Registrar Office that covers Vela Vinayagar Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Nanthiambakkam, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees payable during the transaction.

When buying or selling property, it is essential to be aware of the current guideline value to ensure compliance with local regulations. The guideline value is updated periodically, reflecting changes in the real estate market and local developments.

Frequently asked questions

What is the current guideline value of Vela Vinayagar Nagar?

The current guideline value of Vela Vinayagar Nagar is Rs 330 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 28 per sq.ft in 2003 to Rs 330 per sq.ft in 2024, reflecting an overall increase of 1079% over the years.

What is the stamp duty rate for properties in Vela Vinayagar Nagar?

The stamp duty rate for properties in Vela Vinayagar Nagar is 7% of the guideline value or the sale price, whichever is higher.

Where is the nearest Sub Registrar Office located?

The nearest Sub Registrar Office is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

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

Other streets in Nanthiambakkam with the same guideline value of Rs 330 per sq.ft include Veeravanji Road, Venkatesa Nagar, Vasavi Nagar, Venkatraman Nagar, and Vallal Seethagathi Nagar.