Guideline Value for VELU STREET (NEAR CANAL)

Velu Street (Near Canal) guideline value

The current guideline value of Velu Street (Near Canal) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in the village of Sholinganallur - 1 under the Neelankarai SRO, classified as Residential Class II Type - III.

How the guideline value of Velu Street (Near Canal) has changed

In the 2002, 2003, 2007, 2012, and 2023 revisions, the register has no figure for Velu Street (Near Canal). The 2017 revision set the guideline value at Rs 1,340 per sq.ft. The most recent 2024 revision increased this value to Rs 2,200 per sq.ft, marking a significant rise of 64% from the 2017 figure.

With the 2024 revision, Velu Street (Near Canal) aligns with the median guideline value of Rs 2,200 per sq.ft for the 754 streets in Sholinganallur - 1 under the Neelankarai SRO. This indicates a consistent valuation in line with other properties in the area.

Guideline values in Sholinganallur - 1

The guideline values for streets in Sholinganallur - 1 range from Rs 1,000 to Rs 8,800 per sq.ft, with a median of Rs 2,200 per sq.ft. Velu Street (Near Canal) shares its 2024 figure with the following other streets in Sholinganallur - 1:

• Velu Street Extension: Rs 2,200 per sq.ft (2024)
• Velu Street: Rs 2,200 per sq.ft (2024)
• Vazhavanthamman Koil Street Extension: Rs 1,700 per sq.ft (2024)
• Vazhavanthamman Koil Street: Rs 1,700 per sq.ft (2024)
• Vazhavanthamman Koil Cross Street (South Part): Rs 1,700 per sq.ft (2024)
• Venkateswara Garden: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Velu Street (Near Canal)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, resulting in a total of Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velu Street (Near Canal)?

The Sub Registrar Office that covers Velu Street (Near Canal) 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 Sholinganallur - 1

The guideline value is a crucial factor during property registration in Sholinganallur - 1. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately according to government regulations.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees, which are mandatory for legal ownership transfer. This ensures transparency and compliance with local property laws.

Frequently asked questions

What is the current guideline value of Velu Street (Near Canal)?

The current guideline value of Velu Street (Near Canal) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft, which is a rise of 64%.

What is the land classification of Velu Street (Near Canal)?

Velu Street (Near Canal) is classified as Residential Class II Type - III.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office 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 Street (Near Canal)?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total guideline value is Rs 22,00,000, leading to a stamp duty of Rs 1,54,000.