Guideline Value for VELALLAR SALAI

Velallar Salai guideline value

The current guideline value of Velallar Salai is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Uthandi village, under the Neelankarai Sub Registrar Office (SRO), and is classified as Residential Class I Type - I.

How the guideline value of Velallar Salai has changed

Over the years, the guideline value of Velallar Salai has seen several revisions. The latest revision in 2024 set the value at Rs 3,300 per sq.ft, up from Rs 3,000 per sq.ft in 2023, marking a 10% increase. Prior to that, the 2017 revision recorded a value of Rs 2,010 per sq.ft, reflecting a significant increase of 49% from the previous 2012 revision, which was Rs 3,000 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33% in the guideline value. Overall, from 2012 to 2024, the guideline value has increased by 10%. The current value of Rs 3,300 per sq.ft is above the median guideline value for Uthandi streets.

Guideline values in Uthandi

In Uthandi, there are 197 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 14,700 per sq.ft, with a median of Rs 1,700 per sq.ft. Velallar Salai's 2024 figure of Rs 3,300 per sq.ft is above this median.

• Veerasamy Garden: Rs 1,100 per sq.ft (2024)
• Veerapathran Street: Rs 2,200 per sq.ft (2024)
• Veerapathran Gopal Street: Rs 2,200 per sq.ft (2024)
• Vellalar Street: Rs 3,300 per sq.ft (2024)
• Velu Garden (Thottam): Rs 1,100 per sq.ft (2024)
• Velu Thottam/Jagatheesan Thottam: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Velallar Salai

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Velallar Salai?

The Sub Registrar Office that covers Velallar Salai is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Uthandi. It serves as the basis for calculating stamp duty and registration fees, ensuring that transactions are conducted in accordance with government regulations.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to determine the applicable stamp duty. This ensures that the government receives due revenue from property transactions.

Frequently asked questions

What is the current guideline value of Velallar Salai?

The current guideline value of Velallar Salai is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 2,010 per sq.ft in 2017 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 10% from 2012 to 2024.

What are the stamp duty rates for property in Velallar Salai?

The stamp duty rate for property transactions in Velallar Salai is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the land classification for Velallar Salai?

Velallar Salai is classified as Residential Class I Type - I, indicating its suitability for residential development.