Guideline Value for VELLALA 3RD LANE

Vellala 3rd Lane guideline value

The current guideline value of Vellala 3rd Lane is Rs 8,200 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Special Type - V.

How the guideline value of Vellala 3rd Lane has changed

The guideline value for Vellala 3rd Lane has undergone several revisions over the years. In 2007, the guideline value was Rs 3,000 per sq.ft, which increased significantly to Rs 7,500 per sq.ft in 2012. However, this figure dropped to Rs 5,025 per sq.ft in 2017. The value then rose to Rs 7,500 per sq.ft in 2023 before reaching the current figure of Rs 8,200 per sq.ft in 2024. The register has no figure for this street in 2002 and 2003.

From 2017 to 2023, the increase was 49%, while the value saw a notable rise of 150% from 2007 to 2012. Overall, from 2007 to 2024, the guideline value has increased by 173%. The change from 2023 to 2024 reflects a 9% increase.

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, with a median value of Rs 5,500 per sq.ft. Vellala 3rd Lane's current guideline value is above this median.

• Vellala 2nd Lane: Rs 8,200 per sq.ft (2024)
• Vellala 1st 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 3rd Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value would be Rs 82,00,000. The stamp duty at 7% would amount to Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000, bringing the total to Rs 7,38,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vellala 3rd Lane?

The Sub Registrar Office that covers Vellala 3rd 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 plays a crucial role in the registration process of property transactions in Purasaivakkam. It serves as a benchmark for determining the minimum value of a property for registration purposes, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers must pay these fees based on the higher of the guideline value or the sale price, which helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Vellala 3rd Lane?

The current guideline value of Vellala 3rd 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 is the land classification for Vellala 3rd Lane?

Vellala 3rd Lane is classified as Residential Special Type - V, indicating its designated use for residential purposes.

Where can I find the Sub Registrar Office for Vellala 3rd Lane?

The Sub Registrar Office for Vellala 3rd Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

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, a 1,000 sq.ft plot at the current guideline value results in a total fee of Rs 7,38,000.