Guideline Value for VELLALA 1ST LANE

Vellala 1st Lane guideline value

The current guideline value of Vellala 1st Lane is Rs 8,200 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, classified as Residential Special Type - V.

How the guideline value of Vellala 1st Lane has changed

The guideline value for Vellala 1st Lane has seen several revisions over the years. The earliest recorded figure is from 2007, which was Rs 3,000 per sq.ft. This increased to Rs 7,500 per sq.ft in 2012, but then decreased to Rs 5,025 per sq.ft in 2017. The figure rose significantly to Rs 7,500 per sq.ft in 2023, and further increased to Rs 8,200 per sq.ft in 2024, marking a 9% rise from the previous year.

From 2007 to 2024, the overall increase in the guideline value is 173%. The changes between revisions are as follows: from 2007 to 2012, there was a significant increase of 150%; however, the value decreased by 33% from 2012 to 2017. The increase from 2017 to 2023 was 49%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value is Rs 5,500 per sq.ft, placing Vellala 1st Lane's 2024 figure above this median.

• Vellala 2nd Lane: Rs 8,200 per sq.ft (2024)
• Vellala 3rd Lane: Rs 8,200 per sq.ft (2024)
• Vellala Street (A) Vinai Theertha Mudali Street: Rs 10,900 per sq.ft (2024)
• Veerasamy Street: Rs 5,500 per sq.ft (2024)
• Venkatammal Samadhi Street: Rs 4,900 per sq.ft (2024)
• Venkatapathy Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Vellala 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value amounts to Rs 82,00,000. The stamp duty at 7% would be Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000, bringing the total to Rs 7,38,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Vellala 1st Lane?

The Sub Registrar Office that covers Vellala 1st Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Purasaivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. These fees are based on the higher of the guideline value or the actual sale price, ensuring that the government receives the appropriate taxes from property transactions.

Frequently asked questions

What is the current guideline value of Vellala 1st Lane?

The current guideline value of Vellala 1st Lane is Rs 8,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2007 to Rs 8,200 per sq.ft in 2024, reflecting an overall increase of 173% over the years.

What are the stamp duty and registration fees for property in Vellala 1st Lane?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 7,38,000.

Which Sub Registrar Office covers Vellala 1st Lane?

The Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012, covers Vellala 1st Lane.

What is the land classification of Vellala 1st Lane?

Vellala 1st Lane is classified as Residential Special Type - V, indicating its designated use for residential purposes.