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 Potheri village under the Chengleput Joint II SRO, and is classified as Residential Class II Type - I.

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

Over the years, the guideline value for Velan Nagar has seen several revisions. The earliest recorded value is from 2012, which was Rs 600 per sq.ft. This was followed by a decrease to Rs 402 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 600 per sq.ft, and the latest revision in 2024 increased it further to Rs 660 per sq.ft, marking a 10% rise from the previous year.

From 2017 to 2023, the guideline value increased significantly by 49%. The overall change from the 2012 revision to the 2024 revision shows a modest increase of 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Potheri

Potheri village has a total of 129 streets under the Chengleput Joint II SRO, with 2024 guideline values ranging from Rs 440 to Rs 2,970 per sq.ft. The median guideline value in this area is Rs 770 per sq.ft, indicating that Velan Nagar's 2024 figure 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 at 7% would be Rs 46,200, and the registration fee at 2% would be Rs 13,200, bringing the total fees to Rs 59,400. 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 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, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role during property registration in Potheri. It serves as the minimum value for which a property can be registered, ensuring that the government receives the appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is compared to the actual sale price. The higher of the two values is used to calculate the applicable duties, ensuring that all transactions are conducted transparently and fairly.

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 from Rs 600 per sq.ft in 2012 to Rs 402 per sq.ft in 2017, then back to Rs 600 per sq.ft in 2023, and finally to Rs 660 per sq.ft in 2024.

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.

What are the stamp duty and registration fees for property transactions in Velan Nagar?

The stamp duty is 7% and the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total fees amount to Rs 59,400.

Where can I find the Sub Registrar Office for Velan Nagar (Ward -1)?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002. You can find your SRO for further assistance.