Guideline Value for VELAYUTHAM NAGAR

Velayutham Nagar guideline value

The current guideline value of Velayutham Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Thiruvottiyur village, under the Thiruvottiyur SRO, and is classified as Residential Special Type - I.

How the guideline value of Velayutham Nagar has changed

The guideline value for Velayutham Nagar has undergone several revisions over the years. In 2007, the value was set at Rs 600 per sq.ft. This increased significantly to Rs 3,000 per sq.ft in 2012, marking a 400% rise. However, by 2017, the value dropped to Rs 2,010 per sq.ft, a decrease of 33%. The value then rose again to Rs 3,000 per sq.ft in 2023, and most recently, it reached Rs 3,300 per sq.ft in 2024, reflecting a 10% increase from the previous year. The register has no figures for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 450%. The revisions indicate fluctuations in the property values over time, with significant increases and a notable decrease between 2012 and 2017.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 8,600 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which is equal to the current guideline value for Velayutham Nagar.

• Vedhachalam Avenue: Rs 3,300 per sq.ft (2024)
• Verkadalai Cheri: Rs 2,150 per sq.ft (2024)
• Village Street: Rs 3,700 per sq.ft (2024)
• T.V.K. Street: Rs 3,300 per sq.ft (2024)
• Vinayagapuram: Rs 2,800 per sq.ft (2024)
• T.S.R.Nagar: Rs 3,700 per sq.ft (2024)

Stamp duty and registration fee for property in Velayutham Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total charges Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your own fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velayutham Nagar?

The Sub Registrar Office that covers Velayutham 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 Thiruvottiyur

The guideline value plays a crucial role during property transactions in Thiruvottiyur. It is the benchmark used for calculating stamp duty and registration fees when properties are bought or sold. Buyers and sellers must be aware of the current guideline value to ensure they are compliant with the legal requirements during registration.

When a property is registered, the guideline value is compared to the sale price, and the higher value is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Velayutham Nagar?

The current guideline value of Velayutham Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 600 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, with notable fluctuations in between.

What are the stamp duty and registration fees for properties in Velayutham Nagar?

For a 1,000 sq.ft property, the total guideline value is Rs 33,00,000, leading to a stamp duty of Rs 2,31,000 and a registration fee of Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office covers Velayutham Nagar?

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

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions, ensuring that the higher of the guideline value or sale price is applied for calculating these charges.