Guideline Value for VELAVAN NAGAR

Velavan Nagar guideline value

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

How the guideline value of Velavan Nagar has changed

The guideline value for Velavan Nagar has undergone several revisions over the years. The earliest recorded revision is from 2012, where the value was Rs 2,300 per sq.ft. This was followed by a decrease to Rs 1,541 per sq.ft in 2017. The value then increased significantly to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,530 per sq.ft in 2024. Notably, the register has no figures for the years 2002, 2003, and 2007.

Between the revisions, there were notable changes. From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a substantial increase of 49%. The latest revision from 2023 to 2024 reflects a 10% increase, resulting in the current guideline value of Rs 2,530 per sq.ft, which is equal to the median value for the area.

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 value is Rs 2,530 per sq.ft, which is the same as the guideline value for Velavan Nagar. Below are some other streets in Manapakkam:

• Velavan Nagar 1st Street: Rs 2,530 per sq.ft (2024)
• Velavan Nagar Salai: Rs 1,650 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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value amounts to Rs 25,30,000. The stamp duty at 7% would be Rs 1,77,100, and the registration fee at 2% would be Rs 50,600, bringing the total to Rs 2,27,700. 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 Nagar?

The Sub Registrar Office that covers Velavan Nagar 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Manapakkam. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these costs are based on the official valuation set by the government.

When a property transaction occurs, 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 appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Velavan Nagar?

The current guideline value of Velavan Nagar 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 from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then increased to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,530 per sq.ft in 2024.

What is the land classification of Velavan Nagar?

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

How does the guideline value affect property transactions?

The guideline value is used to calculate stamp duty and registration fees during property transactions. Buyers must pay these fees based on the higher of the guideline value or the sale price.

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

The Sub Registrar Office for Velavan Nagar 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.