Guideline Value for VELU STREET

Velu Street guideline value

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

How the guideline value of Velu Street has changed

The guideline value for Velu Street has undergone several revisions over the years. The oldest available figure is from the 2017 revision, which was Rs 1,340 per sq.ft. The most recent revision in 2024 shows a significant increase to Rs 2,200 per sq.ft, marking a change of +64% from the 2017 figure. There are no figures available for the years 2023, 2012, 2007, 2003, and 2002.

In summary, the guideline value has seen a notable increase from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024. This increase reflects the current valuation set by the Registration Department's guideline value register.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft, with the median being Rs 2,200 per sq.ft. Velu Street's guideline value of Rs 2,200 per sq.ft is equal to this median.

• Velu Street Extension: Rs 2,200 per sq.ft (2024)
• Velu Street (Near Canal): 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

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, bringing the total to 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?

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. 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 property transactions in Sholinganallur - 1. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration norms.

When a property is registered, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both parties are aware of the financial implications of the transaction based on the established guideline value.

Frequently asked questions

What is the current guideline value of Velu Street?

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

How much has the guideline value changed since 2017?

The guideline value increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, representing a change of +64%.

What is the land classification for Velu Street?

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

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 Velu Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a 1,000 sq.ft plot at the guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000.