Guideline Value for VELAVAN NAGAR

Velavan Nagar guideline value

The current guideline value of Velavan Nagar is Rs 485 per sq.ft, effective from 1 July 2024. It is located in Vichoor village under the Thiruvottiyur SRO, classified as Residential Class I Type - I.

How the guideline value of Velavan Nagar has changed

The guideline value for Velavan Nagar has experienced several revisions over the years. Starting from Rs 51 per sq.ft in 2002, it increased to Rs 100 per sq.ft in 2007, marking a significant rise of 96%. In 2012, the value slightly decreased to Rs 440 per sq.ft, a drop of 33%. The 2017 revision saw a substantial increase to Rs 295 per sq.ft, followed by a significant jump to Rs 441 per sq.ft in 2023, which was a 49% increase. The most recent revision in 2024 set the guideline value at Rs 485 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there is no figure for Velavan Nagar in the 2003 revision. Overall, from 2002 to 2024, the guideline value has increased by 851%.

Guideline values in Vichoor

In Vichoor village, there are 45 streets under the Thiruvottiyur SRO, with the 2024 guideline values ranging from Rs 330 to Rs 550 per sq.ft. The median value for these streets is Rs 485 per sq.ft, which is equal to the guideline value for Velavan Nagar.

• Vellankulam: Rs 485 per sq.ft (2024)
• Vijay Nagar: Rs 485 per sq.ft (2024)
• Vikaram Nagar: Rs 485 per sq.ft (2024)
• Subramani Nagar: Rs 485 per sq.ft (2024)
• Subathra Nagar: Rs 330 per sq.ft (2024)
• St. Thomas Nagar: Rs 485 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 485 per sq.ft, the total guideline value amounts to Rs 4,85,000. The stamp duty at 7% would be Rs 33,950, and the registration fee at 2% would be Rs 9,700, bringing the total fees together to Rs 43,650. It is important to note that the duty is charged on the higher of the guideline value or the sale price. 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 Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Vichoor. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives the appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the legal value of the property. This value is used to calculate the necessary fees and taxes associated with the transaction, making it an essential aspect of the real estate process.

Frequently asked questions

What is the current guideline value of Velavan Nagar?

The current guideline value of Velavan Nagar is Rs 485 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 51 per sq.ft in 2002 to Rs 485 per sq.ft in 2024, showing an overall increase of 851% over this period.

What are the other streets in Vichoor with the same guideline value?

Other streets in Vichoor that share the same guideline value of Rs 485 per sq.ft include Vellankulam, Vijay Nagar, Vikaram Nagar, Subramani Nagar, and St. Thomas Nagar.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in Tamil Nadu is 7% of the guideline value or the sale price, whichever is higher.

Where is the Thiruvottiyur Sub Registrar Office located?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.