Guideline Value for VELAMMAL AVENUE

Velammal Avenue guideline value

The current guideline value of Velammal Avenue is Rs 400 per sq.ft, effective from 1 July 2024. This street is located in Thachoor_2 village under the Ponneri SRO and is classified as Residential Class II Type - I.

How the guideline value of Velammal Avenue has changed

The guideline value for Velammal Avenue has undergone several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 300 per sq.ft, and in the latest 2024 revision, it increased to Rs 400 per sq.ft, marking a change of +33%.

This change reflects the current valuation of the street, which is now positioned at Rs 400 per sq.ft as of July 2024. The previous revisions did not provide specific figures for this street, making the 2024 revision significant in understanding its current valuation.

Guideline values in Thachoor_2

In Thachoor_2, there are 40 streets under the Ponneri SRO that carry a 2024 guideline value ranging from Rs 202 to Rs 1,800 per sq.ft, with a median value of Rs 600 per sq.ft. Velammal Avenue's 2024 figure is below this median, indicating a lower valuation compared to other streets in the area.

• Velammal Classic City: Rs 800 per sq.ft (2024)
• Velammal Garden Extension: Rs 800 per sq.ft (2024)
• Velammal Garden Extention: Rs 800 per sq.ft (2024)
• Velammal Garden Phase I,II&iii: Rs 400 per sq.ft (2024)
• Velammal Recidency: Rs 400 per sq.ft (2024)
• Velammal Residencyphase II: Rs 800 per sq.ft (2024)

Stamp duty and registration fee for property in Velammal Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total guideline value would be Rs 4,00,000. The stamp duty at 7% would be Rs 28,000, and the registration fee at 2% would amount to Rs 8,000, making the total fees Rs 36,000. 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 detailed calculations.

Which Sub Registrar Office covers Velammal Avenue?

The Sub Registrar Office that covers Velammal Avenue is the Ponneri Sub Registrar Office, located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Thachoor_2

The guideline value is a crucial factor in property transactions, as it determines the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration requirements.

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

Frequently asked questions

What is the current guideline value of Velammal Avenue?

The current guideline value of Velammal Avenue is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Velammal Avenue was Rs 300 per sq.ft in 2023 and increased to Rs 400 per sq.ft in 2024, reflecting a +33% change.

What is the land classification of Velammal Avenue?

Velammal Avenue is classified as Residential Class II Type - I, indicating its intended use for residential purposes.

What are the stamp duty rates for property in Velammal Avenue?

The stamp duty for property in Velammal Avenue is charged at 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

Where is the Ponneri Sub Registrar Office located?

The Ponneri Sub Registrar Office is located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. This office handles the registration of properties in the area.