Guideline Value for VELLALA STREET (A) VINAI THEERTHA MUDALI STREET

Vellala Street (A) Vinai Theertha Mudali Street guideline value

The current guideline value of Vellala Street (A) Vinai Theertha Mudali Street is Rs 10,900 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 street is Commercial Class I Type - I.

How the guideline value of Vellala Street (A) Vinai Theertha Mudali Street has changed

Over the years, the guideline value for Vellala Street (A) Vinai Theertha Mudali Street has seen significant changes. In the 2007 revision, the value was Rs 3,000 per sq.ft, which increased to Rs 10,000 per sq.ft in 2012, marking a substantial rise of 233%. However, by the 2017 revision, the value dropped to Rs 6,700 per sq.ft, reflecting a decrease of 33%. The value then rose sharply to Rs 10,000 per sq.ft in the 2023 revision, followed by another increase to the current rate of Rs 10,900 per sq.ft in 2024, which is a 9% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the current 2024 figure, there has been an increase of 263%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value for these streets is Rs 5,500 per sq.ft, making the current guideline value of Vellala Street (A) Vinai Theertha Mudali Street above that median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 10,900 per sq.ft, the total guideline value would be Rs 1,09,00,000. The stamp duty at 7% would amount to Rs 7,63,000, and the registration fee at 2% would be Rs 2,18,000, making the total cost for these fees Rs 9,81,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vellala Street (A) Vinai Theertha Mudali Street?

The Sub Registrar Office that covers Vellala Street (A) Vinai Theertha Mudali Street 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 in property transactions in Purasaivakkam, as it determines the minimum value at which a property can be registered. When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that both parties are aware of the financial implications of the transaction.

It is essential for buyers and sellers to be informed about the current guideline value in their area, as this can affect the overall cost of the property transaction. Understanding the guideline value helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Vellala Street (A) Vinai Theertha Mudali Street?

The current guideline value of Vellala Street (A) Vinai Theertha Mudali Street is Rs 10,900 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 10,900 per sq.ft in 2024, showing an overall increase of 263%. There were fluctuations, including a drop to Rs 6,700 per sq.ft in 2017 before rising again.

What is the land classification for Vellala Street (A) Vinai Theertha Mudali Street?

The land classification for Vellala Street (A) Vinai Theertha Mudali Street is Commercial Class I Type - I.

Where is the Sub Registrar Office located for this street?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012, and it covers Vellala Street (A) Vinai Theertha Mudali Street.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 1,09,00,000, the stamp duty at 7% would be Rs 7,63,000.