Guideline Value for VELLALA 2ND LANE

Vellala 2nd Lane guideline value

The current guideline value of Vellala 2nd Lane is Rs 8,200 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village and falls under the Purasaivakkam SRO. The land classification for this area is Residential Special Type - V.

How the guideline value of Vellala 2nd Lane has changed

The guideline value for Vellala 2nd Lane has undergone several revisions over the years. In 2007, the guideline value was Rs 3,000 per sq.ft, which increased to Rs 7,500 per sq.ft in 2012. However, there was a decrease to Rs 5,025 per sq.ft in 2017. The value then rose significantly to Rs 7,500 per sq.ft in 2023, and further increased to Rs 8,200 per sq.ft in 2024. Notably, the revisions for the years 2002 and 2003 have no figures available for this street.

From 2007 to 2024, the overall increase in the guideline value is 173%. The change from 2012 to 2017 saw a decrease of 33%, while the transition from 2017 to 2023 marked a substantial increase of 49%. The most recent change from 2023 to 2024 reflects a 9% rise in the guideline value.

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 guideline value in this area is Rs 5,500 per sq.ft, placing Vellala 2nd Lane's 2024 figure above that median.

• Vellala 1st 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 2nd 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, while 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 duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Vellala 2nd Lane?

The Sub Registrar Office that covers Vellala 2nd Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012, within the Chennai registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Purasaivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are conducted at a fair value as per the guidelines set by the state.

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 state collects the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Vellala 2nd Lane?

The current guideline value of Vellala 2nd 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 other streets with the same guideline value in Purasaivakkam?

Vellala 1st Lane and Vellala 3rd Lane also have the same guideline value of Rs 8,200 per sq.ft for 2024.

What is the registration fee for a property in Vellala 2nd Lane?

The registration fee for a property in Vellala 2nd Lane is 2% of the guideline value. For example, for a property valued at Rs 82,00,000, the registration fee would be Rs 1,64,000.

Where is the Sub Registrar Office for Vellala 2nd Lane located?

The Sub Registrar Office for Vellala 2nd Lane is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012, under the Chennai registration zone.