Guideline Value

Corporate

Guideline Value for VELACHERY MAIN ROAD 2NDCROSS STREET

₹4950/sq.ft.

The guideline value for Velachery Main Road 2ndcross Street in Medavakkam village (Chennai South Joint I SRO, Chennai zone) is Rs 4950 per sq.ft, effective 1 July 2024. It was Rs 4500 per sq.ft from 1 April 2023, a 10% change. The land classification is Commercial Special Type - I. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Medavakkam

Village

Chennai South Joint I

SRO

Commercial Special Type - I
History
Period Guideline Value
From 1-7-2024 ₹4950 /sq.ft.
From 1-4-2023 ₹4500 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹3015 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹4500 /sq.ft.
From 1-8-2007 To 31-3-2012 N/A
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

Integrated Building For Offices Of The Commerrcial Taxes And Registrations Department ,fanepet Nandanam ,chennai -600 035
044-29510536
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Velachery Main Road 2ndcross Street

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Velachery Main Road 2ndcross Street guideline value

The current guideline value of Velachery Main Road 2ndcross Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this street is Commercial Special Type - I.

How the guideline value of Velachery Main Road 2ndcross Street has changed

Looking at the historical revisions, the guideline value for Velachery Main Road 2ndcross Street was Rs 4,500 per sq.ft in 2023, which increased to Rs 4,950 per sq.ft in 2024, marking a change of +10%. Prior to that, in 2017, the value was Rs 3,015 per sq.ft, showing a significant increase of +49% to the 2023 figure. The 2012 revision recorded a value of Rs 4,500 per sq.ft, which was a decrease of -33% from the 2017 figure. Overall, from 2012 to 2024, there has been an increase of +10% in the guideline value.

The register has no figures for the years 2002, 2003, and 2007 regarding this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, indicating that the guideline value for Velachery Main Road 2ndcross Street is above this median.

Stamp duty and registration fee for property in Velachery Main Road 2ndcross Street

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, charged 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 or the sale price.

You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Velachery Main Road 2ndcross Street?

The Velachery Main Road 2ndcross Street 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 Medavakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Velachery Main Road 2ndcross Street?

The current guideline value of Velachery Main Road 2ndcross Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has seen various changes, with the most recent revision in 2024 showing an increase of +10% from the previous year. The value has fluctuated, with significant increases and a decrease noted in earlier revisions.

What is the land classification for Velachery Main Road 2ndcross Street?

The land classification for Velachery Main Road 2ndcross Street is Commercial Special Type - I, indicating its suitability for commercial activities.

Where can I calculate the stamp duty and registration fees?

You can calculate the stamp duty and registration fees using the stamp duty and registration fee calculator available on the site.

Which office handles the registration for properties on Velachery Main Road 2ndcross Street?

The registration for properties on Velachery Main Road 2ndcross Street is handled 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.