Guideline Value for VELAVAN NAGAR SALAI

Velavan Nagar Salai guideline value

The current guideline value of Velavan Nagar Salai is Rs 1,650 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 IV Type - III.

How the guideline value of Velavan Nagar Salai has changed

The guideline value for Velavan Nagar Salai has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,500 per sq.ft, and the most recent 2024 revision has raised it further to Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

In terms of percentage changes, the guideline value increased by 49% from 2017 to 2023, while there was a decrease of 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Manapakkam

In Manapakkam, there are 368 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 12,800 per sq.ft, with a median value of Rs 2,530 per sq.ft. The guideline value of Velavan Nagar Salai is below this median.

• Velavan Nagar 1st Street: Rs 2,530 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 Salai

For a 1,000 sq.ft plot at the current rate of Rs 1,650 per sq.ft, the guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, totaling Rs 1,48,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Velavan Nagar Salai?

The Sub Registrar Office that covers Velavan Nagar Salai 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 property transactions in Manapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating the sale price to ensure compliance with registration requirements.

During the registration process, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that all transactions are fairly assessed and recorded in accordance with the regulations set forth by the Registration Department.

Frequently asked questions

What is the current guideline value of Velavan Nagar Salai?

The current guideline value of Velavan Nagar Salai is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Velavan Nagar Salai?

Velavan Nagar Salai is classified as Residential Class IV Type - III.

Where can I find the Sub Registrar Office for Velavan Nagar Salai?

The Sub Registrar Office for Velavan Nagar Salai is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in Velavan Nagar Salai?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 at 7%.