Guideline Value for VELAVAN NAGAR 1ST STREET

Velavan Nagar 1st Street guideline value

The current guideline value of Velavan Nagar 1st Street is Rs 2,530 per sq.ft, effective from 1 July 2024. This street is located in Manapakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Velavan Nagar 1st Street has changed

The guideline value of Velavan Nagar 1st Street has seen significant changes over the years. In 2002, the guideline value was Rs 72 per sq.ft. This increased to Rs 81 per sq.ft in 2003, marking a 13% rise. By 2007, the value jumped to Rs 400 per sq.ft, reflecting a substantial increase of 394%. In 2012, the value was Rs 2,300 per sq.ft, which was a 475% increase from the previous revision. However, it decreased to Rs 1,541 per sq.ft in 2017, showing a decline of 33%. The value then rose to Rs 2,300 per sq.ft in 2023, and most recently, it reached Rs 2,530 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 3,414%. The register has no figures for revisions other than those listed, providing a clear record of changes in this street's guideline value.

Guideline values in Manapakkam

In Manapakkam, there are 368 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 12,800 per sq.ft. The median guideline value in this area is Rs 2,530 per sq.ft, which is the same as the current value for Velavan Nagar 1st Street.

• Velavan Nagar Salai: Rs 1,650 per sq.ft (2024)
• Velavan Nagar: Rs 2,530 per sq.ft (2024)
• Vallieswarar Koil Cross Street: Rs 2,200 per sq.ft (2024)
• Valleswaran Koil Street: Rs 2,200 per sq.ft (2024)
• Vadivel Mudaliyar Colony: Rs 2,200 per sq.ft (2024)
• Tvs Emerald Peninsula: Rs 3,750 per sq.ft (2024)

Stamp duty and registration fee for property in Velavan Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value would be Rs 25,30,000. The stamp duty at 7% would amount to Rs 1,77,100, and the registration fee at 2% would be Rs 50,600, bringing the total to Rs 2,27,700. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Velavan Nagar 1st Street?

The Sub Registrar Office that covers Velavan Nagar 1st Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Manapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately in accordance with government regulations.

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 the appropriate revenue from property transactions, and it helps maintain transparency in the real estate market.

Frequently asked questions

What is the current guideline value of Velavan Nagar 1st Street?

The current guideline value of Velavan Nagar 1st Street is Rs 2,530 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 72 per sq.ft in 2002 to Rs 2,530 per sq.ft in 2024, marking an overall increase of 3,414%.

What is the land classification for Velavan Nagar 1st Street?

Velavan Nagar 1st Street is classified as Residential Class II Type - I.

What are the stamp duty rates for property transactions?

The stamp duty rate for property transactions in this area is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find my Sub Registrar Office?

The Sub Registrar Office for Velavan Nagar 1st Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find more details online.