Guideline Value for VELAN NAGAR (WARD -1)

Velan Nagar (Ward -1) guideline value

The current guideline value of Velan Nagar (Ward -1) is Rs 660 per sq.ft, effective from 1 July 2024. This area is located in Konathi village under the Chengleput Joint II SRO, classified as Residential Class II Type - I.

How the guideline value of Velan Nagar (Ward -1) has changed

The guideline value of Velan Nagar (Ward -1) has undergone several revisions over the years. The 2012 revision set the value at Rs 600 per sq.ft, which was later reduced to Rs 402 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly by 49% to reach Rs 600 per sq.ft, and the latest revision in 2024 has further increased it to Rs 660 per sq.ft, marking a 10% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Konathi

In Konathi village, there are 131 streets under the Chengleput Joint II SRO that have a 2024 guideline value ranging from Rs 440 to Rs 2,500 per sq.ft, with a median value of Rs 770 per sq.ft. The guideline value for Velan Nagar (Ward -1) is below this median.

• Veerapthra Nagar (Ward-21): Rs 770 per sq.ft (2024)
• Vembuliamman Koil Street (Ward -1): Rs 770 per sq.ft (2024)
• Vedhathiri Nagar (Val): Rs 880 per sq.ft (2024)
• Venkateswara Nagar (Val): Rs 880 per sq.ft (2024)
• Varsha Avenue (Po): Rs 880 per sq.ft (2024)
• Varaavathi Street (Ward -1): Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in Velan Nagar (Ward -1)

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value amounts to Rs 6,60,000. The stamp duty, charged at 7%, would be Rs 46,200, while the registration fee at 2% would be Rs 13,200. The total cost for these fees would be Rs 59,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velan Nagar (Ward -1)?

The Sub Registrar Office that covers Velan Nagar (Ward -1) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is an essential factor in the property registration process in Konathi. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold. The guideline value reflects the government's assessment of the property's worth based on various factors.

When a buyer or seller engages in a transaction, the guideline value is used to calculate the applicable fees. This ensures that the fees are based on a standardized value rather than fluctuating market prices, providing a clear framework for property transactions.

Frequently asked questions

What is the current guideline value of Velan Nagar (Ward -1)?

The current guideline value of Velan Nagar (Ward -1) is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent increase from Rs 600 per sq.ft in 2023 to Rs 660 per sq.ft in 2024. It was Rs 402 per sq.ft in 2017 and Rs 600 per sq.ft in 2012.

What is the land classification for Velan Nagar (Ward -1)?

Velan Nagar (Ward -1) is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Chengleput Joint II SRO?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone.

How is the stamp duty calculated in Velan Nagar (Ward -1)?

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 6,60,000, the stamp duty would be Rs 46,200 at a rate of 7%.