Guideline Value for VELLAIKENI KULAM STREET

Vellaikeni Kulam Street guideline value

The current guideline value of Vellaikeni Kulam Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village under the Neelankarai SRO, classified as Residential Class IV Type - I.

How the guideline value of Vellaikeni Kulam Street has changed

In the 2007 revision, the guideline value was Rs 250 per sq.ft. This figure saw a significant increase in the 2012 revision, where it rose to Rs 2,000 per sq.ft, marking a 700% increase. However, in the 2017 revision, the value decreased to Rs 1,340 per sq.ft, a drop of 33%. The 2023 revision then increased it to Rs 2,000 per sq.ft, followed by a further increase to Rs 2,200 per sq.ft in the 2024 revision, which is a 10% increase.

From 2017 to 2023, there was a substantial increase of 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 780%. The revisions for the years 2002 and 2003 do not have figures for Vellaikeni Kulam Street in the register.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Vellaikeni Kulam Street's 2024 figure below that median.

• Vembuli Amman Koil 1st Cross Street: Rs 1,700 per sq.ft (2024)
• Vembuli Amman Koil 2nd Cross Street: Rs 1,700 per sq.ft (2024)
• Vembuli Amman Koil 3rd Cross Street: Rs 1,700 per sq.ft (2024)
• Vembuli Amman Koil Street: Rs 1,700 per sq.ft (2024)
• Veeramani Salai Main Road: Rs 3,300 per sq.ft (2024)
• Veeramani Main Salai 4th Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vellaikeni Kulam Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vellaikeni Kulam Street?

The Sub Registrar Office that covers Vellaikeni Kulam Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during property transactions in Palavakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency in the sale process.

When buying or selling property, the guideline value is used to calculate stamp duty and registration fees, which are mandatory costs associated with the transaction. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Vellaikeni Kulam Street?

The current guideline value of Vellaikeni Kulam Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 250 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 780% over the years.

What is the land classification for Vellaikeni Kulam Street?

Vellaikeni Kulam Street is classified as Residential Class IV Type - I according to the guideline value register.

Where can I find the Sub Registrar Office for Vellaikeni Kulam Street?

The Neelankarai Sub Registrar Office covers Vellaikeni Kulam Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, on a 1,000 sq.ft plot at Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000.