Guideline Value for VELAYUTHA RAJA LANE

Velayutha Raja Lane guideline value

The current guideline value of Velayutha Raja Lane is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class IV Type - III.

How the guideline value of Velayutha Raja Lane has changed

The guideline value of Velayutha Raja Lane has seen several revisions over the years. In the 2012 revision, the guideline value was set at Rs 6,500 per sq.ft. This figure decreased to Rs 4,355 per sq.ft in the 2017 revision, marking a decline of 33%. However, the most recent revision in 2024 saw a significant increase to Rs 7,100 per sq.ft, representing a rise of 63% from the 2017 figure.

From 2012 to 2024, the overall change in the guideline value is an increase of 9%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 for this street in the register.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. The guideline value of Velayutha Raja Lane is below this median.

• Velayutha Raja Street: Rs 7,100 per sq.ft (2024)
• Veeraperumal Koil Street: Rs 7,100 per sq.ft (2024)
• Venkatachala Mudali 1st Street: Rs 7,100 per sq.ft (2024)
• Venkatachala Mudali 2nd Street: Rs 7,100 per sq.ft (2024)
• Venkatachalamudali Street: Rs 9,300 per sq.ft (2024)
• Venkatachala Street: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Velayutha Raja Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total to Rs 6,39,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velayutha Raja Lane?

The Sub Registrar Office that covers Velayutha Raja Lane is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Mylapore, as it determines the minimum value at which a property can be registered. When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for legal documentation.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements and to avoid any disputes during the registration process. The guideline value reflects the prevailing rates in the area and is updated periodically by the Registration Department.

Frequently asked questions

What is the current guideline value of Velayutha Raja Lane?

The current guideline value of Velayutha Raja Lane is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 6,500 per sq.ft in 2012 to Rs 4,355 per sq.ft in 2017, and then to Rs 7,100 per sq.ft in 2024, reflecting a significant increase in the latest revision.

What is the land classification for Velayutha Raja Lane?

Velayutha Raja Lane is classified as Residential Class IV Type - III, which indicates its designation for residential purposes.

Where can I find the Sub Registrar Office for Velayutha Raja Lane?

The Sub Registrar Office for Velayutha Raja Lane is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How is the stamp duty calculated for properties in Velayutha Raja Lane?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 71,00,000, the stamp duty at 7% would be Rs 4,97,000.