Guideline Value for VELAN NAGAR

Velan Nagar guideline value

The current guideline value of Velan Nagar, located in Chitthalapakkam village under the Selaiyur SRO, is Rs 2,900 per sq.ft, effective from 1 July 2024. This area is classified as Industries Type - I.

How the guideline value of Velan Nagar has changed

The guideline value for Velan Nagar has seen several revisions over the years. In 2012, the value was set at Rs 2,700 per sq.ft. This figure decreased to Rs 1,809 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,700 per sq.ft, representing a 49% rise. The most recent revision in 2024 has brought the guideline value back to Rs 2,900 per sq.ft, an increase of 7% 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.

Guideline values in Chitthalapakkam

In Chitthalapakkam, there are 107 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 5,000 per sq.ft. The median value is Rs 2,900 per sq.ft, which is equal to the current guideline value of Velan Nagar.

• Venba Avenue: Rs 2,900 per sq.ft (2024)
• Venba Nagar: Rs 2,900 per sq.ft (2024)
• Vasiyam Garden: Rs 3,300 per sq.ft (2024)
• Varadharaja Perumal Koil Street: Rs 2,900 per sq.ft (2024)
• Venus Colony: Rs 3,300 per sq.ft (2024)
• Vetri Kargil Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Velan Nagar

For a 1,000 sq.ft plot at the current rate of Rs 2,900 per sq.ft, the guideline value amounts to Rs 29,00,000. The stamp duty at 7% would be Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, totaling Rs 2,61,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velan Nagar?

The Sub Registrar Office that covers Velan Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Chitthalapakkam

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

When buying or selling property, the guideline value is compared to the sale price. The higher of the two values will be used to calculate the applicable stamp duty and registration fees, ensuring compliance with legal requirements.

Frequently asked questions

What is the current guideline value of Velan Nagar?

The current guideline value of Velan Nagar is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,700 per sq.ft in 2012 to Rs 1,809 per sq.ft in 2017, then back to Rs 2,700 per sq.ft in 2023, and finally to Rs 2,900 per sq.ft in 2024.

What is the land classification of Velan Nagar?

Velan Nagar is classified as Industries Type - I, indicating its suitability for industrial activities.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated in Velan Nagar?

Stamp duty in Velan Nagar is calculated based on the higher of the guideline value or the sale price of the property. For instance, a property with a guideline value of Rs 29,00,000 would incur a stamp duty of Rs 2,03,000 at 7%.