Guideline Value for VELMUTHU MARIAMMAN NAGAR

Velmuthu Mariamman Nagar guideline value

The current guideline value of Velmuthu Mariamman Nagar is Rs 1,200 per sq.ft, effective from 1 July 2024. This area is located in Manali village, under the Thiruvottiyur SRO, and is classified as Residential Special Type - II.

How the guideline value of Velmuthu Mariamman Nagar has changed

The guideline value for Velmuthu Mariamman Nagar has undergone several revisions over the years. The earliest recorded revision was in 2002, with a guideline value of Rs 81 per sq.ft. This increased to Rs 93 per sq.ft in 2003, marking a 15% rise. The value then saw significant growth, reaching Rs 200 per sq.ft in 2007, which was a 115% increase from the previous year. In 2012, the value was recorded at Rs 1,100 per sq.ft, reflecting a substantial 450% increase from 2007. However, this value decreased to Rs 737 per sq.ft in 2017, a decline of 33%.

In the subsequent revisions, the guideline value rose to Rs 1,100 per sq.ft in 2023, representing a 49% increase from 2017. The most recent revision in 2024 set the value at Rs 1,200 per sq.ft, which is a 9% increase from the previous year. The register has no figure for this street for the years not listed.

Guideline values in Manali

In Manali, there are 84 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,001 to Rs 3,300 per sq.ft, with the median value being Rs 1,200 per sq.ft. The guideline value of Velmuthu Mariamman Nagar is equal to this median.

• Varadharajan Street: Rs 1,500 per sq.ft (2024)
• Vimalapuram All Streets: Rs 1,200 per sq.ft (2024)
• Thiru.VI.Ka Street: Rs 1,200 per sq.ft (2024)
• Thiruvenkadam Street: Rs 1,200 per sq.ft (2024)
• 200 Feet Inner Ring Road: Rs 1,001 per sq.ft (2024)
• 200 Ft Inner Ring Road: Rs 1,002 per sq.ft (2024)

Stamp duty and registration fee for property in Velmuthu Mariamman Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,200 per sq.ft, the total guideline value amounts to Rs 12,00,000. The stamp duty at 7% would be Rs 84,000, and the registration fee at 2% would be Rs 24,000, bringing the total fees to Rs 1,08,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velmuthu Mariamman Nagar?

The Sub Registrar Office that covers Velmuthu Mariamman Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration of property transactions in Manali. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through 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 should be aware that these fees are based on the higher of the guideline value or the sale price, which ensures that the transaction is recorded at a fair value.

Frequently asked questions

What is the current guideline value of Velmuthu Mariamman Nagar?

The current guideline value of Velmuthu Mariamman Nagar is Rs 1,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 81 per sq.ft in 2002 to Rs 1,200 per sq.ft in 2024, reflecting an overall increase of 1381% over the years.

What are the stamp duty and registration fees for property in Velmuthu Mariamman Nagar?

For a property valued at Rs 12,00,000, the stamp duty would be Rs 84,000 and the registration fee would be Rs 24,000, totaling Rs 1,08,000.

Which Sub Registrar Office covers this area?

The Thiruvottiyur Sub Registrar Office covers Velmuthu Mariamman Nagar, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

What is the land classification of Velmuthu Mariamman Nagar?

Velmuthu Mariamman Nagar is classified as Residential Special Type - II, indicating its designation for residential purposes within the area.