Guideline Value for VELU GARDEN

Velu Garden guideline value

The current guideline value of Velu Garden, located in Chemmancheri village under the Neelankarai SRO, is Rs 1,700 per sq.ft as per the 2024 revision effective from 1 July 2024. This area falls under the Residential Class IV Type - I land classification.

How the guideline value of Velu Garden has changed

The guideline value for Velu Garden has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly to Rs 1,500 per sq.ft, marking a 49% rise. The most recent revision in 2024 has further increased the value to Rs 1,700 per sq.ft, reflecting a 13% increase from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 13%, bringing it to the current rate.

Guideline values in Chemmancheri

In Chemmancheri, there are 195 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 1,700 per sq.ft, which is equal to the current value for Velu Garden.

• Velu Street: Rs 1,700 per sq.ft (2024)
• Vellai Garden: Rs 1,700 per sq.ft (2024)
• Veervanjinathan Street: Rs 1,700 per sq.ft (2024)
• Venkatesan Garden: Rs 1,000 per sq.ft (2024)
• Veerapandiya Kattapomman Street: Rs 1,700 per sq.ft (2024)
• Vedagiri Garden: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Velu Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total costs to Rs 1,53,000. 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 details.

Which Sub Registrar Office covers Velu Garden?

The Velu Garden area is covered by 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 Chemmancheri

The guideline value is a crucial factor in the registration process when buying or selling property in Chemmancheri. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the buyer and seller must adhere to the guideline value set for the area, as this value is used to determine the official sale price for registration purposes. It is essential for both parties to be aware of the current guideline value to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Velu Garden?

The current guideline value of Velu Garden is Rs 1,700 per sq.ft as per the 2024 revision 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, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,700 per sq.ft in 2024.

What is the median guideline value in Chemmancheri?

The median guideline value in Chemmancheri for 2024 is Rs 1,700 per sq.ft, which is the same as the current guideline value for Velu Garden.

What are the stamp duty and registration fees for a property in Velu Garden?

For a property with a guideline value of Rs 17,00,000, the stamp duty would be Rs 1,19,000, and the registration fee would be Rs 34,000, totaling Rs 1,53,000.

Which office handles registrations for Velu Garden?

The Neelankarai Sub Registrar Office handles registrations for Velu Garden, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.