Guideline Value for VELU STREET

Velu Street guideline value

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

How the guideline value of Velu Street has changed

Over the years, the guideline value of Velu Street has undergone several revisions. The 2012 revision recorded a value of Rs 1,500 per sq.ft, which then changed to Rs 1,005 per sq.ft in 2017. However, from 2017 to 2023, the value increased significantly by 49% to Rs 1,500 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 1,700 per sq.ft, reflecting a 13% increase from the previous year.

The revisions from years 2002, 2003, and 2007 do not have figures listed for Velu Street in the register. Overall, from 2012 to 2024, the guideline value has increased by 13%.

Guideline values in Chemmancheri

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

• Velu Garden: 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 Street

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 cost for these fees to Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velu Street?

Velu Street 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. For more information, you can find your SRO.

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

The guideline value plays a crucial role during property transactions in Chemmancheri. It is used to determine the stamp duty and registration fees that are applicable when buying or selling a property. Buyers and sellers must be aware of this value to ensure they comply with the legal requirements during registration.

When a property is sold, the guideline value is often referenced to establish the minimum value for the transaction. This ensures that all parties are aware of the official valuation set by the government, which helps in maintaining transparency in property dealings.

Frequently asked questions

What is the current guideline value of Velu Street?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2023 to Rs 1,700 per sq.ft in 2024, a 13% increase. It was Rs 1,005 per sq.ft in 2017, showing a 49% rise from that year to 2023.

What is the land classification for Velu Street?

Velu Street is classified under Residential Class IV Type - I according to the guideline value register.

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 stamp duty calculated on properties in Chemmancheri?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 17,00,000 would incur a stamp duty of Rs 1,19,000 at 7%.