Guideline Value for VELAVAN NAGAR

Velavan Nagar guideline value

The current guideline value of Velavan Nagar is Rs 700 per sq.ft, effective from 1 July 2024. This area is located in Ponneri village, under the Ponneri Sub Registrar Office (SRO), and is classified as Residential Class II Type - I.

How the guideline value of Velavan Nagar has changed

The guideline value for Velavan Nagar has seen several revisions over the years. The earliest recorded revision is from 2012, where the value was Rs 500 per sq.ft. This increased to Rs 469 per sq.ft in 2017, followed by a significant rise to Rs 700 per sq.ft in both 2023 and 2024. The register has no figures for this street for the years 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 6%, but from 2017 to 2023, it increased by 49%. The overall change from 2012 to 2024 reflects a 40% increase, with the current value of Rs 700 per sq.ft aligning with the median guideline value for Ponneri.

Guideline values in Ponneri

In Ponneri village, there are 120 streets under the Ponneri SRO that carry a 2024 guideline value ranging from Rs 201 to Rs 1,200 per sq.ft. The median value is Rs 700 per sq.ft, which is equal to the guideline value of Velavan Nagar.

• Vellodi Road: Rs 700 per sq.ft (2024)
• Vedhagiri Mudali Street: Rs 900 per sq.ft (2024)
• Varadhappa Naicken St: Rs 1,200 per sq.ft (2024)
• Varadhappa Naickan St: Rs 900 per sq.ft (2024)
• Vaniamkulam Salai: Rs 700 per sq.ft (2024)
• Vallalar Street: Rs 700 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 700 per sq.ft, the total guideline value would be Rs 7,00,000. The stamp duty at 7% would amount to Rs 49,000, and the registration fee at 2% would be Rs 14,000, bringing the total cost to Rs 63,000. It's 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 Ponneri Sub Registrar Office covers Velavan Nagar, located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions within Ponneri. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate applicable stamp duty and registration fees.

During the registration process, the stamp duty is charged 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 Velavan Nagar?

The current guideline value of Velavan Nagar is Rs 700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 469 per sq.ft in 2017, then increased to Rs 700 per sq.ft in both 2023 and 2024. The overall increase from 2012 to 2024 is 40%.

Where can I find the Ponneri Sub Registrar Office?

The Ponneri Sub Registrar Office is located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. This office handles property registrations in the area.

What are the stamp duty rates for properties in Velavan Nagar?

The stamp duty for properties in Velavan Nagar is charged at 7% of the guideline value or sale price, whichever is higher. Registration fees are charged at 2% of the guideline value.

What is the median guideline value in Ponneri?

The median guideline value in Ponneri is Rs 700 per sq.ft. This figure represents the midpoint of the guideline values for the 120 streets under the Ponneri SRO.