Guideline Value for VELU STREET

Velu Street guideline value

The current guideline value of Velu Street in Karapakkam village, under the Neelankarai SRO, is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class III Type - I.

How the guideline value of Velu Street has changed

The guideline value for Velu Street has undergone several revisions over the years. In 2007, the value was Rs 300 per sq.ft, which increased significantly to Rs 1,000 per sq.ft in 2012. However, there was a decrease to Rs 670 per sq.ft in 2017. The value then rose to Rs 1,000 per sq.ft in 2023, and currently stands at Rs 1,100 per sq.ft as of the 2024 revision. The register has no figures for the years 2002 and 2003 for this street.

From 2012 to 2017, the value decreased by 33%. However, there was a substantial increase of 233% from 2007 to 2012. Following that, the value rose by 49% from 2017 to 2023, and a further 10% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 267%.

Guideline values in Karapakkam

In Karapakkam, there are 185 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 10,700 per sq.ft, with a median value of Rs 1,700 per sq.ft. Velu Street's current guideline value is below this median.

• Vembuli Street: Rs 1,100 per sq.ft (2024)
• VENDRASI AMMAN KOIL 1st CROSS STREEET: Rs 1,100 per sq.ft (2024)
• Vendrasi Amman Koil Streeet: Rs 1,100 per sq.ft (2024)
• Vendrasi Amman Koil Streeet Extension: Rs 1,100 per sq.ft (2024)
• Veerapandia Kattabomman Street: Rs 2,200 per sq.ft (2024)
• Vethapuri Street: 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 rate of Rs 1,100 per sq.ft, the guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velu Street?

The Sub Registrar Office that covers Velu Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process for property transactions in Karapakkam. It determines the base value on which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value is referenced to ascertain the minimum value of the property. This helps in maintaining transparency and fairness in property dealings, as it provides a standard measure for all properties within the same locality.

Frequently asked questions

What is the current guideline value of Velu Street?

The current guideline value of Velu Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, starting from Rs 300 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024. Significant changes include a rise of 233% from 2007 to 2012 and a 49% increase from 2017 to 2023.

What is the land classification of Velu Street?

Velu Street is classified as Residential Class III Type - I, which indicates its designation for residential use.

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.

How is stamp duty calculated based on the guideline value?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 11,00,000, the stamp duty at 7% would be Rs 77,000.