Guideline Value for VELAN CITY

Velan City guideline value

The current guideline value of Velan City is Rs 550 per sq.ft, effective from 1 July 2024. This area is located in Pammathukulam village under the Redhills SRO and is classified as Residential Class II Type - I.

How the guideline value of Velan City has changed

The guideline value for Velan City has seen several revisions over the years. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017. In 2023, the guideline value was Rs 500 per sq.ft, and it increased by 10% to Rs 550 per sq.ft in 2024.

Prior to the 2023 revision, there were no recorded figures for this street in the previous years. The 2024 figure of Rs 550 per sq.ft aligns with the median guideline value for Pammathukulam, which ranges from Rs 330 to Rs 825 per sq.ft.

Guideline values in Pammathukulam

Pammathukulam village has a total of 101 streets under the Redhills SRO, with guideline values ranging from Rs 330 to Rs 825 per sq.ft. The guideline value for Velan City is equal to the median value of Rs 550 per sq.ft. Below are the guideline values for other streets in Pammathukulam:

• Velan City Annex: Rs 550 per sq.ft (2024)
• Velan City - II: Rs 440 per sq.ft (2024)
• Velan City - III: Rs 550 per sq.ft (2024)
• Vasanth Nagar: Rs 550 per sq.ft (2024)
• Varathammal Nagar: Rs 440 per sq.ft (2024)
• Varadhammal Nagar - II: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Velan City

For a 1,000 sq.ft plot at the current guideline value of Rs 5,50,000, the stamp duty at 7% would amount to Rs 38,500, and the registration fee at 2% would be Rs 11,000, totaling Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velan City?

The Sub Registrar Office that covers Velan City is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a critical figure used during the registration of property transactions in Pammathukulam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two values is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Velan City?

The current guideline value of Velan City is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed in recent years?

In 2023, the guideline value was Rs 500 per sq.ft, which increased by 10% to Rs 550 per sq.ft in 2024. There are no recorded figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Velan City?

Velan City is classified as Residential Class II Type - I. This classification affects the guideline value and the regulations governing property transactions in the area.

Where can I find the Sub Registrar Office for Velan City?

The Sub Registrar Office covering Velan City is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in Velan City?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 5,50,000, the stamp duty would be Rs 38,500 at a rate of 7%.