Guideline Value for VELU STREET EXTENSION

Velu Street Extension guideline value

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

How the guideline value of Velu Street Extension has changed

The guideline value for Velu Street Extension has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, which is a significant increase from Rs 1,340 per sq.ft during the 2017 revision. This change represents a rise of 64% over the seven-year period.

There are no figures available for Velu Street Extension in the revisions from 2023, 2012, 2007, 2003, and 2002. The only recorded figures for this street are from the 2017 and 2024 revisions.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value is Rs 2,200 per sq.ft, which aligns with the guideline value of Velu Street Extension.

• Velu Street (Near Canal): 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 Extension

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, leading to 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 information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velu Street Extension?

The Velu Street Extension falls under the jurisdiction of 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 details.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value is a crucial factor in the registration process for property transactions in Sholinganallur - 1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring compliance with local regulations.

When buying or selling property, the guideline value helps determine the applicable stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher. This ensures that the transaction is conducted fairly and transparently.

Frequently asked questions

What is the current guideline value of Velu Street Extension?

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

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024, representing a rise of 64% over that period.

Are there any revisions without figures for Velu Street Extension?

Yes, there are no figures available for Velu Street Extension in the revisions from 2023, 2012, 2007, 2003, and 2002.

What is the median guideline value in Sholinganallur - 1?

The median guideline value in Sholinganallur - 1 is Rs 2,200 per sq.ft, which is the same as the current guideline value for Velu Street Extension.

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.