Guideline Value for VELANKANNI NAGAR

Velankanni Nagar guideline value

The current guideline value of Velankanni Nagar is Rs 220 per sq.ft, effective from 1 July 2024. This area is located in Vallur village and falls under the Thiruvottiyur SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Velankanni Nagar has changed

The guideline value for Velankanni Nagar has seen several revisions over the years. The earliest recorded revision in 2017 set the value at Rs 134 per sq.ft. This figure increased significantly to Rs 200 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 has further increased the guideline value to Rs 220 per sq.ft, reflecting a 10% increase from the previous year.

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

Guideline values in Vallur

In Vallur, there are 75 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 220 to Rs 551 per sq.ft. The median value for these streets is Rs 220 per sq.ft, which is the same as the current guideline value for Velankanni Nagar.

• Valaja Nagar: Rs 330 per sq.ft (2024)
• Vadivudaiyamman Nagar: Rs 220 per sq.ft (2024)
• Vigneswar Nagar: Rs 220 per sq.ft (2024)
• Vijayalakshmi Nagar: Rs 220 per sq.ft (2024)
• Vijay Nagar: Rs 220 per sq.ft (2024)
• Vinayagar Nagar: Rs 220 per sq.ft (2024)

Stamp duty and registration fee for property in Velankanni Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 220 per sq.ft, the total guideline value is Rs 2,20,000. The stamp duty, charged at 7%, amounts to Rs 15,400, while the registration fee at 2% is Rs 4,400. Together, the total fees would be Rs 19,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Velankanni Nagar?

The Velankanni Nagar area is covered by the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more details.

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

The guideline value is an essential factor in the registration process of property transactions in Vallur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Velankanni Nagar?

The current guideline value of Velankanni Nagar is Rs 220 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 134 per sq.ft in 2017 to Rs 220 per sq.ft in 2024, marking a total increase of 64% over this period.

What are the other streets in Vallur with their guideline values?

Other streets in Vallur include Valaja Nagar at Rs 330 per sq.ft, and Vadivudaiyamman Nagar, Vigneswar Nagar, Vijayalakshmi Nagar, Vijay Nagar, and Vinayagar Nagar, all at Rs 220 per sq.ft.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 2,20,000. The stamp duty is Rs 15,400, and the registration fee is Rs 4,400, totaling Rs 19,800.

Which office handles property registration for Velankanni Nagar?

The Thiruvottiyur Sub Registrar Office handles property registration for Velankanni Nagar, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.