Guideline Value for VELU STREET

Velu Street guideline value

The current guideline value of Velu Street, located in Perambur village under the Purasaivakkam SRO, is Rs 2,200 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

The guideline value for Velu Street has seen several revisions over the years. In the 2002 revision, the value was Rs 420 per sq.ft, which increased to Rs 477 per sq.ft in 2003, marking a 14% rise. The 2007 revision saw a significant jump to Rs 550 per sq.ft, a 15% increase from the previous year. The value then surged to Rs 2,000 per sq.ft in 2012, reflecting a remarkable 264% increase. However, in the 2017 revision, it dropped to Rs 1,340 per sq.ft, a decrease of 33%. The value rose again to Rs 2,000 per sq.ft in 2023, and most recently, it has increased to Rs 2,200 per sq.ft in the 2024 revision, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 424%. The register does not have figures for the years between these revisions, so there are no values recorded for those years.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value of Velu Street is below this median.

• Velu Mudali Street: Rs 2,700 per sq.ft (2024)
• Veera Sowcar Street: Rs 3,800 per sq.ft (2024)
• Venkatesa Perumal Koil Street: Rs 1,600 per sq.ft (2024)
• Venkatesapuram 1st Street: Rs 2,200 per sq.ft (2024)
• Venkatesapuram 2nd Street: Rs 2,200 per sq.ft (2024)
• Venkatesapuram 3rd Street: Rs 2,200 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 amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that 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?

The Sub Registrar Office that covers Velu Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Perambur. It serves as a benchmark for determining the stamp duty and registration fees when a property is bought or sold. The authorities use this value to ensure that the transaction is recorded accurately and fairly.

When you register a property, the guideline value will be compared to the sale price. The higher of the two will be used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the correct revenue from property transactions.

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 has the guideline value changed over the years?

The guideline value has changed from Rs 420 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 424% over this period.

What is the land classification for Velu Street?

Velu Street is classified under Residential Class IV Type - I.

What are the stamp duty and registration fees for properties on Velu Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where is the Sub Registrar Office for Velu Street located?

The Sub Registrar Office for Velu Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.