Guideline Value for VELLAIKKAL

Vellaikkal guideline value

The current guideline value for Vellaikkal, located in Medavakkam village, is Rs 2,200 per sq.ft as per the 2024 revision, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Vellaikkal has changed

The guideline value for Vellaikkal has seen significant changes over the years. In 2002, the value was Rs 68 per sq.ft, which increased to Rs 110 per sq.ft in 2003, marking a growth of 62%. Following this, the value rose to Rs 300 per sq.ft in 2007, reflecting a substantial increase of 173%. The next revision in 2012 saw the value drop to Rs 2,000 per sq.ft, a decrease of 33% from the previous figure. However, this was followed by a dramatic rise to Rs 1,340 per sq.ft in 2017, which was a 49% increase from the 2012 revision.

In 2023, the guideline value was set at Rs 2,000 per sq.ft, and the latest revision in 2024 has increased it to Rs 2,200 per sq.ft, representing a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 3,135%.

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 for these streets is Rs 2,200 per sq.ft, which is equal to the guideline value for Vellaikkal.

• Vellakkal Ramadoss Street: Rs 2,200 per sq.ft (2024)
• Velavan Street: Rs 2,750 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 2nd Cross 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 Vellaikkal

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Vellaikkal?

The Vellaikkal area is covered by 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 plays a crucial role in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value based on the locality's market conditions.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government collects appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value for Vellaikkal?

The current guideline value for Vellaikkal is Rs 2,200 per sq.ft as per the 2024 revision, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 68 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 3,135% over this period.

What is the stamp duty rate for property in Vellaikkal?

The stamp duty rate for property in Vellaikkal is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Vellaikkal?

The Sub Registrar Office covering Vellaikkal is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the guideline value determined for properties in Medavakkam?

The guideline value for properties in Medavakkam is determined based on various factors, including the location, land classification, and market conditions, ensuring a fair assessment for property registration.