Guideline Value for VELAN NAGAR

Velan Nagar guideline value

The current guideline value of Velan Nagar, located in Nerkundram village under the Virugambakkam SRO, is Rs 2,750 per sq.ft as per the 2024 revision, effective from 1 July 2024. This area is classified as Residential Class III 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 2002, the guideline value was Rs 96 per sq.ft, which increased to Rs 106 per sq.ft in 2003, marking a 10% rise. The value continued to climb significantly, reaching Rs 300 per sq.ft in 2007, which was a 183% increase from the previous year. By 2012, the value had risen to Rs 2,500 per sq.ft, reflecting a substantial 733% increase from 2007. However, it then dropped to Rs 1,675 per sq.ft in 2017, a decrease of 33%.

In the subsequent revisions, the value rose to Rs 2,500 per sq.ft in 2023, up by 49% from 2017. The most recent revision in 2024 set the guideline value at Rs 2,750 per sq.ft, representing a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 2,765%.

Guideline values in Nerkundram

In Nerkundram, there are 476 streets under the Virugambakkam SRO, with guideline values for 2024 ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, placing Velan Nagar's 2024 figure above this median.

• Valliammai Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Valliammai Nagar Extension: Rs 2,750 per sq.ft (2024)
• Valliammai Nagar 9th Street: Rs 2,750 per sq.ft (2024)
• Valliammai Nagar 8th Street: Rs 2,750 per sq.ft (2024)
• Valliammai Nagar 7th Street: Rs 2,750 per sq.ft (2024)
• Valliammai Nagar 6th Street: Rs 2,750 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 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further 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 Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for additional information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nerkundram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value as per government standards.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Velan Nagar?

The current guideline value of Velan Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 96 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, with various revisions in between.

What is the median guideline value in Nerkundram?

The median guideline value in Nerkundram is Rs 2,200 per sq.ft, with Velan Nagar's value being above this median.

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

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Where is the Sub Registrar Office for Velan Nagar located?

The Sub Registrar Office for Velan Nagar is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.