Guideline Value for VELAVAN STREET

Velavan Street guideline value

The current guideline value of Velavan Street in Medavakkam village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Commercial Class I Type - III.

How the guideline value of Velavan Street has changed

The guideline value for Velavan Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft. This was followed by a decrease to Rs 1,675 per sq.ft in the 2017 revision, which represented a decline of 33%. However, the value increased significantly to Rs 2,500 per sq.ft in 2023, marking a 49% rise from the previous figure. The current 2024 revision shows an increase to Rs 2,750 per sq.ft, reflecting a 10% change from the 2023 value.

There are no figures available for Velavan Street in the revisions from 2002, 2003, and 2007. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value is Rs 2,200 per sq.ft, placing Velavan Street's 2024 figure above this median.

• Vellaikkal: Rs 2,200 per sq.ft (2024)
• Vellakkal Ramadoss Street: Rs 2,200 per sq.ft (2024)
• Velachery Main Road 4th Cross Street: Rs 4,950 per sq.ft (2024)
• Velachery Main Road 3rd Cross Street: Rs 4,950 per sq.ft (2024)
• Velachery Main Road 2ndcross Street: Rs 4,950 per sq.ft (2024)
• Velachery Main Road 1st Cross Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Velavan Street

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the 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 Street?

The Sub Registrar Office that covers Velavan Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

Frequently asked questions

What is the current guideline value of Velavan Street?

The current guideline value of Velavan Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification for Velavan Street?

Velavan Street is classified as Commercial Class I Type - III under the Chennai South Joint I SRO.

Where can I find the registration office for Velavan Street?

The registration office for Velavan Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

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

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 at a rate of 7%.