Guideline Value for VELACHERY MAIN ROAD

Velachery Main Road guideline value

The current guideline value of Velachery Main Road in Vengaivasal village, under the Selaiyur SRO, is Rs 3,700 per sq.ft, effective from 1 July 2024. This street is classified as Commercial Class I Type - I.

How the guideline value of Velachery Main Road has changed

The guideline value for Velachery Main Road has seen significant changes over the years. In the 2012 revision, the value was set at Rs 3,500 per sq.ft, which then decreased to Rs 2,345 per sq.ft in the 2017 revision. Following this, the value increased to Rs 3,500 per sq.ft in the 2023 revision, and most recently, it has risen to Rs 3,700 per sq.ft in the 2024 revision, marking a 6% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. However, the change from the 2012 to 2017 revision was a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 6%. The register has no figures for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Vengaivasal

In Vengaivasal, there are 117 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 4,800 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value of Velachery Main Road is above this median.

• Velavan Colony: Rs 950 per sq.ft (2024)
• Veeramamunivar Street: Rs 3,300 per sq.ft (2024)
• Vengaivaasal Main Road: Rs 3,300 per sq.ft (2024)
• Valli Nagar: Rs 2,200 per sq.ft (2024)
• V.G.P. Avenue: Rs 1,900 per sq.ft (2024)
• V.G.P.Santhanammal Nagar: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Velachery Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,700 per sq.ft, the total guideline value would be Rs 37,00,000. The stamp duty at 7% would amount to Rs 2,59,000, and the registration fee at 2% would be Rs 74,000, making the total cost Rs 3,33,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velachery Main Road?

The Velachery Main Road falls under the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Vengaivasal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value helps ensure that the transaction is recorded at a fair value, reflecting the market conditions. Buyers and sellers should be aware of the current guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Velachery Main Road?

The current guideline value of Velachery Main Road is Rs 3,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,700 per sq.ft in 2024, a 6% increase. It was Rs 2,345 per sq.ft in 2017, which shows a 49% increase to the 2023 figure.

What is the land classification for Velachery Main Road?

Velachery Main Road is classified as Commercial Class I Type - I. This classification can affect the types of developments allowed on the property.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for properties in Velachery Main Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For instance, if the guideline value is Rs 37,00,000, the stamp duty at 7% would be Rs 2,59,000.