Guideline Value for VELANKANNI STREET

Velankanni Street guideline value

The current guideline value of Velankanni Street in Thandurai village under the Avadi SRO is Rs 988 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Velankanni Street has changed

The guideline value for Velankanni Street has undergone several revisions over the years. In 2002, the value was Rs 134 per sq.ft, which increased to Rs 154 per sq.ft in 2003, marking a 15% rise. By 2007, the value had risen significantly to Rs 478 per sq.ft, reflecting a 210% increase. The 2012 revision saw the value remain at Rs 900 per sq.ft, but this was followed by a decrease to Rs 603 per sq.ft in 2017, representing a decline of 33%. The value then increased to Rs 900 per sq.ft in 2023, before reaching the current rate of Rs 988 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 637%. The register has no figure for the years not listed for this street.

Guideline values in Thandurai

In Thandurai, there are 331 streets under the Avadi SRO that carry a 2024 guideline value, ranging from Rs 800 to Rs 2,640 per sq.ft. The median value for these streets is Rs 988 per sq.ft, which is equal to the current guideline value of Velankanni Street.

• Venkatapuram: Rs 988 per sq.ft (2024)
• Vasugi Street: Rs 988 per sq.ft (2024)
• Venkateswara Nagar 1st Street: Rs 1,300 per sq.ft (2024)
• Venkateswara Nagar 2nd Street: Rs 1,300 per sq.ft (2024)
• Vanavil Nagar: Rs 988 per sq.ft (2024)
• Venkateswar Street, Kamarajapuram: Rs 988 per sq.ft (2024)

Stamp duty and registration fee for property in Velankanni Street

For a 1,000 sq.ft plot at the current rate of Rs 988 per sq.ft, the guideline value amounts to Rs 9,88,000. The stamp duty at 7% would be Rs 69,160, and the registration fee at 2% would be Rs 19,760. Together, the total cost for these fees would be Rs 88,920. 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 Velankanni Street?

The Sub Registrar Office that covers Velankanni Street is the Avadi Sub Registrar Office, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Thandurai. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of this value, as it influences the stamp duty and registration fees applicable during the transaction.

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

Frequently asked questions

What is the current guideline value of Velankanni Street?

The current guideline value of Velankanni Street is Rs 988 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 134 per sq.ft in 2002 to Rs 988 per sq.ft in 2024, reflecting an overall increase of 637% over the years.

What are the stamp duty rates for properties in Velankanni Street?

The stamp duty for properties in Velankanni Street is charged at 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Velankanni Street located?

The Avadi Sub Registrar Office is located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone.

What is the land classification for Velankanni Street?

Velankanni Street falls under the Residential Class II Type - I land classification, indicating its suitability for residential development.