Guideline Value for VELACHERI MAIN ROAD

Velacheri Main Road guideline value

The current guideline value of Velacheri Main Road in Pallikaranai village is Rs 4,950 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Commercial Special Type - I.

How the guideline value of Velacheri Main Road has changed

The guideline value for Velacheri Main Road has undergone several revisions over the years. Starting from Rs 125 per sq.ft in 2002, it increased significantly to Rs 350 per sq.ft in 2003, marking a 180% increase. The value continued to rise, reaching Rs 2,386 per sq.ft in 2007, which represented a substantial 582% increase from the previous revision. In 2012, the value adjusted to Rs 4,500 per sq.ft, reflecting an 89% increase from 2007. However, in 2017, the value dropped to Rs 3,015 per sq.ft, a decrease of 33% from 2012. The most recent revision in 2024 brought the guideline value to Rs 4,950 per sq.ft, a notable increase of 64% from 2017.

It is important to note that there is no figure available for the year 2023 for this street in the register.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Velacheri Main Road's 2024 figure above that median.

• Veerathamman Koil Street: Rs 1,320 per sq.ft (2024)
• Veerathamman 2nd Cross Street: Rs 1,320 per sq.ft (2024)
• Veerasmay Nagar 3rd Street: Rs 1,650 per sq.ft (2024)
• Veerasamy Nagar Layout: Rs 1,650 per sq.ft (2024)
• Veerasamy Nagar Extn.: Rs 1,650 per sq.ft (2024)
• Veerasamy Nagar 4th Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Velacheri Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value amounts to Rs 49,50,000. The stamp duty at 7% would be Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total charges to Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velacheri Main Road?

The Velacheri Main Road is covered by the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Pallikaranai. It serves as the basis for calculating stamp duty and registration fees when a property is bought or sold. Buyers and sellers must refer to the current guideline value to ensure accurate financial planning during the registration process.

Additionally, the guideline value is updated periodically, reflecting changes in the real estate landscape. It is essential for stakeholders to stay informed about these revisions to understand the financial implications of property transactions in the area.

Frequently asked questions

What is the current guideline value of Velacheri Main Road?

The current guideline value of Velacheri Main Road is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 125 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification of Velacheri Main Road?

Velacheri Main Road is classified as Commercial Special Type - I under the Chennai South Joint I SRO.

What are the stamp duty rates for properties in Velacheri Main Road?

The stamp duty for properties in Velacheri Main Road is charged at 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Velacheri Main Road?

The Sub Registrar Office covering Velacheri Main Road is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.