Guideline Value for VELAN NAGAR

Velan Nagar guideline value

The current guideline value of Velan Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Velan Nagar has changed

The guideline value for Velan Nagar has seen significant changes over the years. The 2017 revision set the value at Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 has raised the guideline value further to Rs 2,200 per sq.ft, representing a 10% increase from the previous year.

There are no figures available for the years 2002, 2003, 2007, and 2012 for this street. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value is Rs 1,600 per sq.ft, placing Velan Nagar's 2024 figure above this median.

• Veerasamy Nagar (Ward-03): Rs 1,300 per sq.ft (2024)
• Veerasami Nagar: Rs 1,300 per sq.ft (2024)
• Veerapathiran Street (Ward-23): Rs 1,300 per sq.ft (2024)
• Veerapandian st (Ward No.22): Rs 1,300 per sq.ft (2024)
• Veerapandian Street (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• Velu Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Velan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velan Nagar?

The Sub Registrar Office that covers Velan Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Madhavaram. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. The fees are calculated based on the guideline value or the sale price, whichever is higher.

When selling a property, the guideline value helps establish a baseline for the transaction. It ensures that the registration process is transparent and standardized, providing a clear framework for both buyers and sellers.

Frequently asked questions

What is the current guideline value of Velan Nagar?

The current guideline value of Velan Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 64%.

What are the other streets in Madhavaram and their guideline values?

Other streets in Madhavaram have a guideline value of Rs 1,300 per sq.ft in 2024, including Veerasamy Nagar, Veerasami Nagar, Veerapathiran Street, Veerapandian st, Veerapandian Street, and Velu Street.

How is the stamp duty calculated for property in Velan Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000.

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

The Madhavaram Sub Registrar Office covers Velan Nagar and is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.