Guideline Value for VELAVAN NAGAR

Velavan Nagar guideline value

The current guideline value of Velavan Nagar is Rs 501 per sq.ft, effective from 1 July 2024. This area is located in Thadaperumbakkam village, under the Ponneri SRO, and is classified as Residential Class II Type - I.

How the guideline value of Velavan Nagar has changed

The guideline value of Velavan Nagar has seen several revisions over the years. In 2012, the value was set at Rs 200 per sq.ft, which then changed to Rs 134 per sq.ft in 2017. This was a decrease of 33%. Following that, the value increased significantly to Rs 300 per sq.ft in 2023, marking a rise of 124%. The most recent revision in 2024 raised the guideline value to Rs 501 per sq.ft, reflecting an increase of 67% from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 151%. It is important to note that for the years 2002, 2003, and 2007, the register has no figure for this street.

Guideline values in Thadaperumbakkam

In Thadaperumbakkam, there are 50 streets under the Ponneri SRO with a 2024 guideline value ranging from Rs 500 to Rs 1,500 per sq.ft. The median value is Rs 501 per sq.ft, which is the same as the guideline value for Velavan Nagar. Below are the guideline values for other streets in Thadaperumbakkam:

• Veera Venkat Nagar: Rs 501 per sq.ft (2024)
• Venkatapathi Naidu Nagar: Rs 501 per sq.ft (2024)
• Subbu Lakshmi Ammal Nagar: Rs 1,500 per sq.ft (2024)
• Sri Vinayaga Nagar: Rs 501 per sq.ft (2024)
• Sri Sakthi Nagar: Rs 501 per sq.ft (2024)
• Sri Sai Nagar: Rs 600 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 501 per sq.ft, the total guideline value amounts to Rs 5,01,000. The stamp duty at 7% would be Rs 35,070, and the registration fee at 2% would be Rs 10,020, totaling Rs 45,090. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velavan Nagar?

The Sub Registrar Office that covers Velavan Nagar is the Ponneri Sub Registrar Office, 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 Thadaperumbakkam

The guideline value is a critical factor when buying or selling property in Thadaperumbakkam. It serves as a benchmark for determining the minimum value of property transactions, ensuring that the sale price is not below this established value.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees. This means that buyers should be aware of the current guideline value to accurately estimate their costs during the registration process.

Frequently asked questions

What is the current guideline value of Velavan Nagar?

The current guideline value of Velavan Nagar is Rs 501 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2012 to Rs 501 per sq.ft in 2024, reflecting an overall increase of 151% over the years.

What is the land classification of Velavan Nagar?

Velavan Nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty rates applicable in Velavan Nagar?

The stamp duty rate in Velavan Nagar is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office for Velavan Nagar is the Ponneri Sub Registrar Office, located at 9/5, Taluk Office Road, Ponneri, Chennai-601204.