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. This area is located in Vichoor_B village and falls under the Thiruvottiyur SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Velavan Nagar has changed

The guideline value for Velavan Nagar has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 485 per sq.ft, an increase from Rs 441 per sq.ft in 2023, marking a change of +10%. Prior to that, in 2017, the guideline value was Rs 295 per sq.ft, which means there was a significant increase of +49% from 2017 to 2023. Overall, from 2017 to 2024, the guideline value has risen by +64%.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Vichoor_B

In Vichoor_B, there are 45 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 550 per sq.ft. The median value for these streets is Rs 485 per sq.ft, which is the same as 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 would be Rs 4,85,000. The stamp duty at 7% would amount to Rs 33,950, and the registration fee at 2% would be Rs 9,700. Together, the total fees would be 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 further calculations.

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_B

The guideline value is a crucial factor when buying or selling property in Vichoor_B. It serves as a reference point for determining the stamp duty and registration fees applicable during the transaction. Buyers and sellers must consider this value to ensure compliance with legal requirements.

When registering a property, the guideline value is used to calculate the applicable fees. This ensures that both parties are aware of the financial obligations involved in the transaction, based on the established guideline values in the area.

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 295 per sq.ft in 2017 to Rs 441 per sq.ft in 2023, and now to Rs 485 per sq.ft in 2024. This represents an overall increase of +64% from 2017 to 2024.

What is the land classification of Velavan Nagar?

Velavan Nagar is classified as Residential Class I Type - I, indicating its primary use for residential purposes.

Where is the Thiruvottiyur Sub Registrar Office located?

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

How is the stamp duty calculated for properties in Velavan Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value results in total fees that include stamp duty and registration fees.