Guideline Value for VELAVAN COLONY

Velavan Colony guideline value

The current guideline value of Velavan Colony, located in Vengaivasal village under the Selaiyur SRO, is Rs 950 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - II land classification.

How the guideline value of Velavan Colony has changed

Over the years, the guideline value for Velavan Colony has experienced several revisions. The 2012 revision set the value at Rs 900 per sq.ft, which was then reduced to Rs 603 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 900 per sq.ft in 2023. The most recent revision in 2024 has raised the value to Rs 950 per sq.ft, marking a 6% increase from the previous year.

From 2017 to 2023, the guideline value saw a substantial increase of 49%. In contrast, the change from 2012 to 2017 was a decrease of 33%. Overall, comparing the values from 2012 to 2024, there has been a modest increase of 6%.

Guideline values in Vengaivasal

In Vengaivasal, there are 117 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 4,800 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value of Velavan Colony is below this median.

• Velachery Main Road: Rs 3,700 per sq.ft (2024)
• Veeramamunivar Street: Rs 3,300 per sq.ft (2024)
• Vengaivaasal Main Road: Rs 3,300 per sq.ft (2024)
• V.G.P. Avenue: Rs 1,900 per sq.ft (2024)
• Valli Nagar: Rs 2,200 per sq.ft (2024)
• V.G.P.Santhanammal Nagar: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Velavan Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 950 per sq.ft, the total guideline value amounts to Rs 9,50,000. The stamp duty at 7% would be Rs 66,500, and the registration fee at 2% would be Rs 19,000, bringing the total fees to Rs 85,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velavan Colony?

The Sub Registrar Office that covers Velavan Colony is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, within the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Vengaivasal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

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

Frequently asked questions

What is the current guideline value of Velavan Colony?

The current guideline value of Velavan Colony is Rs 950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various revisions: Rs 900 per sq.ft in 2012, Rs 603 per sq.ft in 2017, Rs 900 per sq.ft in 2023, and Rs 950 per sq.ft in 2024.

What is the land classification for Velavan Colony?

Velavan Colony is classified under Residential Class III Type - II land classification.

What are the stamp duty and registration fees for properties in Velavan Colony?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 9,50,000, the total fees would amount to Rs 85,500.

Where is the Sub Registrar Office for Velavan Colony located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.