Guideline Value for VELMURUGAN COLONY

Velmurugan Colony guideline value

The current guideline value of Velmurugan Colony in Zaminpallavaram village is Rs 2,750 per sq.ft, effective from 1 July 2024. This area falls under the Pallavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Velmurugan Colony has changed

The guideline value for Velmurugan Colony has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then reduced to Rs 1,675 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 2,500 per sq.ft, and the most recent revision in 2024 has raised it to Rs 2,750 per sq.ft.

In terms of changes, the guideline value increased by 10% from 2023 to 2024. From 2017 to 2023, there was a significant increase of 49%. However, from 2012 to 2017, the value decreased by 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO, with guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing the 2024 guideline value of Velmurugan Colony below this median.

• Velu Street: Rs 2,750 per sq.ft (2024)
• Vembuliamman Koil 1st Street: Rs 3,850 per sq.ft (2024)
• Vembuliamman Koil 2nd Back Street: Rs 3,850 per sq.ft (2024)
• Velaudham Street: Rs 3,850 per sq.ft (2024)
• Vembuliamman Koil 2nd Street: Rs 3,850 per sq.ft (2024)
• Vembuliamman Koil 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Velmurugan Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. 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 Velmurugan Colony?

The Velmurugan Colony is covered by the Pallavaram Sub Registrar Office located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Zaminpallavaram. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees that need to be paid at the time of registration.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly affects the overall cost of the transaction. Ensuring that the property is registered at the correct guideline value helps in maintaining transparency in real estate transactions.

Frequently asked questions

What is the current guideline value of Velmurugan Colony?

The current guideline value of Velmurugan Colony is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification of Velmurugan Colony?

Velmurugan Colony is classified as Residential Class II Type - I.

What is the stamp duty rate for property in Velmurugan Colony?

The stamp duty rate for property transactions in Velmurugan Colony is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Velmurugan Colony?

The Sub Registrar Office covering Velmurugan Colony is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.