Guideline Value for VELAVAN NAGAR

Velavan Nagar guideline value

The current guideline value of Velavan Nagar is Rs 300 per sq.ft, effective from 1 July 2024. This area is located in Thadaperumbakkam_2 village under the Ponneri SRO, classified as Residential Class II Type - I.

How the guideline value of Velavan Nagar has changed

The guideline value for Velavan Nagar has undergone several revisions over the years. In the 2017 revision, the value was set at Rs 134 per sq.ft. This figure increased significantly to Rs 300 per sq.ft in the 2023 revision, marking a change of +124%. The current revision in 2024 maintains the guideline value at Rs 300 per sq.ft, showing no change from the previous year.

There are no recorded figures for the revisions in 2002, 2003, 2007, and 2012 for this street. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by +124%.

Guideline values in Thadaperumbakkam_2

In Thadaperumbakkam_2, there are 23 streets under the Ponneri SRO with a 2024 guideline value ranging from Rs 300 to Rs 600 per sq.ft, with the median being Rs 300 per sq.ft. Velavan Nagar's 2024 figure aligns with this median.

• Venkatapathi Naidu Nagar: Rs 300 per sq.ft (2024)
• Sri Sakthi Nagar: Rs 300 per sq.ft (2024)
• Sri Meenal Nagar: Rs 300 per sq.ft (2024)
• Sri Devi Gayathri Nagar: Rs 300 per sq.ft (2024)
• Sindur Nagar: Rs 300 per sq.ft (2024)
• Senthamizh Nagar: Rs 400 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 300 per sq.ft, the total guideline value amounts to Rs 3,00,000. The stamp duty at 7% would be Rs 21,000, and the registration fee at 2% would be Rs 6,000, bringing the total charges to Rs 27,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, 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 Ponneri Sub Registrar Office, located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Thadaperumbakkam_2

The guideline value plays a crucial role in the registration process when buying or selling property in Thadaperumbakkam_2. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency in transactions.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. This helps in maintaining a standard valuation across the area.

Frequently asked questions

What is the current guideline value of Velavan Nagar?

The current guideline value of Velavan Nagar is Rs 300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Velavan Nagar was Rs 134 per sq.ft in 2017 and increased to Rs 300 per sq.ft in 2023 and 2024, with an overall increase of +124% from 2017 to 2024.

What is the land classification for Velavan Nagar?

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

What are the stamp duty and registration fees for a property in Velavan Nagar?

For a 1,000 sq.ft plot valued at Rs 3,00,000, the stamp duty would be Rs 21,000, and the registration fee would be Rs 6,000, totaling Rs 27,000.

Where is the Sub Registrar Office for Velavan Nagar located?

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