Guideline Value for VELAN NAGAR (WARD -1)

Velan Nagar (Ward -1) guideline value

The current guideline value for Velan Nagar (Ward -1) is Rs 660 per sq.ft, effective from 1 July 2024. This area is located in Thailavaram 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

In the 2012 revision, the guideline value was Rs 600 per sq.ft. It then decreased to Rs 402 per sq.ft in the 2017 revision, marking a decline of 33%. However, the value saw a significant increase in the following years, rising to Rs 600 per sq.ft in 2023, and further increasing to Rs 660 per sq.ft in 2024, which is a 10% increase from the previous year. Overall, from 2012 to 2024, the guideline value has increased by 10%.

The register does not have figures for the years 2002, 2003, and 2007 for this street. Therefore, the earliest recorded value is Rs 600 per sq.ft from 2012, which was followed by the changes noted above.

Guideline values in Thailavaram

In Thailavaram, there are 132 streets under the Chengleput Joint II SRO, with 2024 guideline values ranging from Rs 440 to Rs 2,200 per sq.ft. The median guideline value in this area is Rs 770 per sq.ft, indicating that the 2024 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 881 per sq.ft (2024)
• Venkateswara Nagar (Val): Rs 881 per sq.ft (2024)
• Varsha Avenue (Po): Rs 881 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 would be Rs 6,60,000. The stamp duty, charged at 7%, would amount to Rs 46,200, while the registration fee at 2% would be Rs 13,200. Together, these fees would total 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 details.

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 more information.

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

The guideline value is a crucial factor when registering property transactions in Thailavaram. It serves as a benchmark for calculating the stamp duty and registration fees that need to be paid during the transfer of property ownership.

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 increased 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.

Which Sub Registrar Office should I visit for transactions in Velan Nagar (Ward -1)?

The Chengleput Joint II Sub Registrar Office is responsible for property transactions in Velan Nagar (Ward -1), located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

How is 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 7%.