Guideline Value for VELU GARDEN (THOTTAM)

Velu Garden (Thottam) guideline value

The current guideline value of Velu Garden (Thottam) is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Uthandi village under the Neelankarai SRO, classified as Residential Class III Type - I.

How the guideline value of Velu Garden (Thottam) has changed

The guideline value for Velu Garden (Thottam) has undergone several revisions over the years. The 2012 revision set the value at Rs 1,000 per sq.ft, which later decreased to Rs 670 per sq.ft in 2017. The value then increased to Rs 1,000 per sq.ft in 2023, and most recently, it has risen to Rs 1,100 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the guideline value saw a significant increase of 49%. Overall, from 2012 to 2024, the value has increased by 10%. The register does not provide figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Uthandi

In Uthandi village, there are 197 streets under the Neelankarai SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 14,700 per sq.ft. The median value is Rs 1,700 per sq.ft, indicating that the guideline value for Velu Garden (Thottam) is below this median.

• Velu Thottam/Jagatheesan Thottam: Rs 1,100 per sq.ft (2024)
• Vellalar Street: Rs 3,300 per sq.ft (2024)
• Velallar Salai: Rs 3,300 per sq.ft (2024)
• Veerasamy Garden: Rs 1,100 per sq.ft (2024)
• Venkatesan Garden: Rs 1,100 per sq.ft (2024)
• Veerapathran Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Velu Garden (Thottam)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total to Rs 99,000. It is important to note that the 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 further calculations.

Which Sub Registrar Office covers Velu Garden (Thottam)?

The Sub Registrar Office covering Velu Garden (Thottam) is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Uthandi. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher value is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Velu Garden (Thottam)?

The current guideline value of Velu Garden (Thottam) is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification of Velu Garden (Thottam)?

Velu Garden (Thottam) is classified as Residential Class III Type - I.

Where can I find the Sub Registrar Office for Velu Garden (Thottam)?

The Neelankarai Sub Registrar Office covers Velu Garden (Thottam) and is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in Velu Garden (Thottam)?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 11,00,000 would incur a stamp duty of Rs 77,000 at 7%.