Guideline Value for VELAN NAGAR

Velan Nagar guideline value

The current guideline value of Velan Nagar, located in Alamathi village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Velan Nagar has changed

In the 2012 revision, the guideline value was set at Rs 500 per sq.ft. This value then decreased to Rs 335 per sq.ft in the 2017 revision. Following this, the guideline value increased significantly to Rs 500 per sq.ft in the 2023 revision, and further rose to Rs 550 per sq.ft in the 2024 revision. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value saw a decrease of 33%. However, from 2017 to 2023, there was a notable increase of 49%. The overall change from 2012 to 2024 reflects a modest increase of 10%.

Guideline values in Alamathi

In Alamathi, there are 54 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,100 per sq.ft. The median value for these streets is Rs 550 per sq.ft, which is equal to the guideline value of Velan Nagar.

• Vasantham Avenue: Rs 550 per sq.ft (2024)
• Upparapalayam Road: Rs 550 per sq.ft (2024)
• Thiruvallur Nedunchalai (Upto Alamathi Easwaran Koil): Rs 1,100 per sq.ft (2024)
• Subamangalam Annexer Nagar: Rs 770 per sq.ft (2024)
• Sri Vijayalakshmi Nagar Extn-1: Rs 770 per sq.ft (2024)
• Sri Vijayalakshmi Nagar: Rs 770 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 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total to Rs 49,500. 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?

The Sub Registrar Office that covers Velan Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Alamathi. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official registry.

When a property is sold, the guideline value helps determine the minimum price at which the property can be registered. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Velan Nagar?

The current guideline value of Velan Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then increasing to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the median guideline value in Alamathi?

The median guideline value in Alamathi for the year 2024 is Rs 550 per sq.ft, which is the same as the guideline value for Velan Nagar.

What are the stamp duty rates for properties in Velan Nagar?

The stamp duty rate for properties in Velan Nagar is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Velan Nagar located?

The Sub Registrar Office for Velan Nagar is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.