Guideline Value for VELAYUTHA REDDY STREET

Velayutha Reddy Street guideline value

The current guideline value of Velayutha Reddy Street in Vengathur village, under the Manavalanagar SRO, is Rs 1,000 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Velayutha Reddy Street has changed

The guideline value for Velayutha Reddy Street has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 125 per sq.ft, which increased significantly to Rs 1,000 per sq.ft in the 2012 revision, marking a 700% rise. However, in the 2017 revision, the value decreased to Rs 670 per sq.ft, reflecting a 33% drop. The value then rose to Rs 1,000 per sq.ft in both the 2023 and 2024 revisions, showing no change between these two years.

It is important to note that the register has no figures for the years 2002 and 2003 for Velayutha Reddy Street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 700%.

Guideline values in Vengathur

In Vengathur village, there are 186 streets under the Manavalanagar SRO, with guideline values ranging from Rs 500 to Rs 2,000 per sq.ft. The median value is Rs 1,000 per sq.ft, which is equal to the current guideline value of Velayutha Reddy Street.

• VELAYUTHA REDDY Ist GURUKU STREET: Rs 1,000 per sq.ft (2024)
• Velunachiyar Street: Rs 1,300 per sq.ft (2024)
• Veeramamunivar Street: Rs 800 per sq.ft (2024)
• Veenas Street: Rs 800 per sq.ft (2024)
• Va.Voo.See. Street: Rs 1,300 per sq.ft (2024)
• Varalakshmi Nagar: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Velayutha Reddy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,000 per sq.ft, the total guideline value amounts to Rs 10,00,000. The stamp duty, charged at 7%, would be Rs 70,000, while the registration fee at 2% would be Rs 20,000, making the total Rs 90,000. 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 Velayutha Reddy Street?

The Sub Registrar Office that covers Velayutha Reddy Street is the Manavalanagar Sub Registrar Office, located at Sub Registrar Office, Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.

You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Vengathur. It determines the minimum value at which a property can be registered and affects the stamp duty and registration fees payable by the buyer.

When buying or selling property, the guideline value ensures that the transaction is recorded at a value that reflects the official rates set by the government, thus maintaining transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Velayutha Reddy Street?

The current guideline value of Velayutha Reddy Street is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, starting from Rs 125 per sq.ft in 2007 to Rs 1,000 per sq.ft in 2012, then decreasing to Rs 670 per sq.ft in 2017, and returning to Rs 1,000 per sq.ft in both 2023 and 2024.

Which Sub Registrar Office covers Velayutha Reddy Street?

The Manavalanagar Sub Registrar Office covers Velayutha Reddy Street, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai.

What are the stamp duty and registration fees for properties in Velayutha Reddy Street?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 90,000.

Are there other streets in Vengathur with similar guideline values?

Yes, there are several other streets in Vengathur with guideline values around Rs 1,000 per sq.ft, including VELAYUTHA REDDY Ist GURUKU STREET, which also has a guideline value of Rs 1,000 per sq.ft.