Guideline Value for VELLALAR NAGAR

Vellalar Nagar guideline value

The current guideline value of Vellalar Nagar, located in Korattur village under the Villivakkam SRO, is Rs 1,600 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - III.

How the guideline value of Vellalar Nagar has changed

The guideline value for Vellalar Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was followed by a decrease to Rs 1,005 per sq.ft in the 2017 revision. The most recent revision in 2024 has increased the guideline value to Rs 1,600 per sq.ft, reflecting a 59% increase from the 2017 figure.

When looking at the overall changes, from the 2012 revision to the 2024 revision, there has been a slight increase of 7%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 in the register for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft, with the median value being Rs 2,500 per sq.ft. The guideline value for Vellalar Nagar is below this median.

• Veeravanchi Nagar: Rs 1,300 per sq.ft (2024)
• Venkataraman Nagar "anna Street": Rs 3,300 per sq.ft (2024)
• Venkataraman Nagar "bharathi Street": Rs 3,300 per sq.ft (2024)
• Venkataraman Nagar "dhanapalchetty Street": Rs 3,300 per sq.ft (2024)
• Venkataraman Nagar "duraisamy Reddy Street" (All Street): Rs 3,300 per sq.ft (2024)
• Venkataraman Nagar "ganapathi Street": Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vellalar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Vellalar Nagar?

The Sub Registrar Office that covers Vellalar Nagar is 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 details.

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

The guideline value plays a crucial role in property transactions in Korattur. It is used to determine the stamp duty and registration fees that are applicable when buying or selling property in the area. Buyers and sellers must be aware of the current guideline values to ensure compliance with the legal requirements during the registration process.

When a property is sold, the guideline value is considered to ensure that the transaction is registered at a value that reflects the current market conditions. This helps in maintaining transparency and accountability in property dealings.

Frequently asked questions

What is the current guideline value of Vellalar Nagar?

The current guideline value of Vellalar Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, and then increased to Rs 1,600 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, and 2023 for this street.

What are the guideline values for other streets in Korattur?

Other streets in Korattur have varying guideline values. For instance, Veeravanchi Nagar is valued at Rs 1,300 per sq.ft, while several streets in Venkataraman Nagar are valued at Rs 3,300 per sq.ft.

What fees are associated with property transactions in Vellalar Nagar?

When purchasing property in Vellalar Nagar, buyers should expect to pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Vellalar Nagar?

The Villivakkam Sub Registrar Office covers Vellalar Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037. You can find more details online.