Guideline Value for VELLALA STREET

Vellala Street guideline value

The current guideline value of Vellala Street is Rs 5,400 per sq.ft, effective from 1 July 2024. This street is located in Padi village under the Villivakkam SRO, with a land classification of Residential Class III Type - I.

How the guideline value of Vellala Street has changed

The guideline value for Vellala Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 528 per sq.ft. It then increased to Rs 480 per sq.ft in 2003. The next revision in 2007 saw a significant rise to Rs 530 per sq.ft, followed by a dramatic increase to Rs 5,000 per sq.ft in 2012. However, the 2017 revision marked a decrease to Rs 3,350 per sq.ft. The value then rose again to Rs 5,000 per sq.ft in 2023, culminating in the current value of Rs 5,400 per sq.ft in 2024.

In terms of percentage changes, the value increased by 8% from 2023 to 2024. From 2017 to 2023, there was a substantial increase of 49%. The 2012 to 2017 period saw a decrease of 33%. The 2007 to 2012 revision recorded an increase of 843%, while the 2003 to 2007 period had a modest increase of 10%. From 2002 to 2024, the overall increase in guideline value is 923%.

Guideline values in Padi

In Padi, there are 354 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median value for these streets is Rs 3,800 per sq.ft, placing Vellala Street's 2024 figure above this median.

• Vanniar Street: Rs 3,400 per sq.ft (2024)
• Vandiamman Koil Street: Rs 3,400 per sq.ft (2024)
• Vgn Ch 40: Rs 11,000 per sq.ft (2024)
• Vgn Ch 40 Phase II: Rs 12,700 per sq.ft (2024)
• Vallalar Street (Kovil Land): Rs 3,400 per sq.ft (2024)
• U.R.Nagar / Streets: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Vellala Street

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 54,00,000. The stamp duty at 7% amounts to Rs 3,78,000, and the registration fee at 2% is Rs 1,08,000, totaling Rs 4,86,000. It is important to note that 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 details.

Which Sub Registrar Office covers Vellala Street?

The Vellala Street is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Padi. It serves as a benchmark for determining the stamp duty and registration fees payable when buying or selling property. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is registered, the guideline value helps to establish a fair basis for taxation. It is essential for both parties to understand that the guideline value may differ from the actual sale price, and the duty is charged on the higher of the two values.

Frequently asked questions

What is the current guideline value of Vellala Street?

The current guideline value of Vellala Street is Rs 5,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 528 per sq.ft in 2002 to Rs 5,400 per sq.ft in 2024, with various revisions occurring in between.

What is the land classification for Vellala Street?

Vellala Street is classified as Residential Class III Type - I according to the land classification standards.

Where is the Villivakkam Sub Registrar Office located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is stamp duty calculated for properties in Vellala Street?

Stamp duty is 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 incurs a total of Rs 4,86,000 in fees.