Guideline Value for VELU MUDALI STREET

Velu Mudali Street guideline value

The current guideline value of Velu Mudali Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Perambur village, under the Purasaivakkam SRO, and is classified as Residential Class III Type - II.

How the guideline value of Velu Mudali Street has changed

The guideline value for Velu Mudali Street has seen significant changes over the years. In 2002, the value was Rs 435 per sq.ft, which increased to Rs 477 per sq.ft in 2003, marking a 10% rise. The value continued to grow, reaching Rs 550 per sq.ft in 2007, a 15% increase from the previous revision. By 2017, the guideline value had surged to Rs 1,675 per sq.ft, reflecting a remarkable 205% increase. The 2023 revision saw the value rise to Rs 2,500 per sq.ft, a 49% increase from 2017. Finally, the current 2024 revision sets the guideline value at Rs 2,700 per sq.ft, representing an 8% increase from 2023. It is important to note that the register has no figure for this street for the year 2012.

Guideline values in Perambur

In Perambur village, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median value is Rs 2,700 per sq.ft, which is equal to the current guideline value of Velu Mudali Street.

• Velu Street: Rs 2,200 per sq.ft (2024)
• Veera Sowcar Street: Rs 3,800 per sq.ft (2024)
• Venkatesa Perumal Koil Street: Rs 1,600 per sq.ft (2024)
• Veeraragavan Street: Rs 3,800 per sq.ft (2024)
• Venkatesapuram 1st Street: Rs 2,200 per sq.ft (2024)
• Venkatesapuram 2nd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Velu Mudali Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, making the total cost for these fees Rs 2,43,000. It is essential 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 Mudali Street?

The Sub Registrar Office that covers Velu Mudali Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Perambur. It is used to determine the stamp duty and registration fees applicable to the transaction. Buyers should be aware that the guideline value may differ from the actual sale price, and the fees will be calculated based on the higher of the two.

When a property is registered, the guideline value ensures that the transaction is documented at a fair value, which helps in maintaining transparency in real estate dealings. It is important for both buyers and sellers to be familiar with the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Velu Mudali Street?

The current guideline value of Velu Mudali Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 435 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, showing an overall increase of 521% over the years.

What is the land classification for Velu Mudali Street?

Velu Mudali Street is classified as Residential Class III Type - II, which indicates its intended use for residential purposes.

What are the stamp duty charges for property in Velu Mudali Street?

The stamp duty for property in Velu Mudali Street is 7% of the guideline value, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Which office handles the registration for Velu Mudali Street?

The registration for Velu Mudali Street is handled by the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.