Guideline Value for VELU THOTTAM/JAGATHEESAN THOTTAM

Velu Thottam/Jagatheesan Thottam guideline value

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

How the guideline value of Velu Thottam/Jagatheesan Thottam has changed

The guideline value for Velu Thottam/Jagatheesan Thottam has seen several revisions over the years. In the 2012 revision, the value was set at Rs 1,000 per sq.ft, which was a decrease of 33% from the Rs 670 per sq.ft in 2017. The value then rose to Rs 1,000 per sq.ft in 2012, before increasing to Rs 1,100 per sq.ft in the 2023 revision, marking a 49% increase. The current revision in 2024 sees the guideline value at Rs 1,100 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Uthandi

In Uthandi village, there are 197 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 14,700 per sq.ft, with a median value of Rs 1,700 per sq.ft. Velu Thottam/Jagatheesan Thottam's 2024 guideline value is below this median.

• Velu Garden (Thottam): Rs 1,100 per sq.ft (2024)
• Vellalar Street: Rs 3,300 per sq.ft (2024)
• Velallar Salai: Rs 3,300 per sq.ft (2024)
• Venkatesan Garden: Rs 1,100 per sq.ft (2024)
• Veerasamy Garden: Rs 1,100 per sq.ft (2024)
• Veerapathran Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Velu Thottam/Jagatheesan Thottam

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total to Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Velu Thottam/Jagatheesan Thottam?

The Sub Registrar Office that covers Velu Thottam/Jagatheesan Thottam is 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 information.

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

The guideline value is a crucial factor when buying or selling property in Uthandi. It determines the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair price. This value is essential for calculating stamp duty and registration fees, which are mandatory for property transactions.

When a property is sold, the guideline value serves as a benchmark to ensure that the sale price aligns with government assessments. This helps maintain transparency in property transactions and prevents undervaluation.

Frequently asked questions

What is the current guideline value of Velu Thottam/Jagatheesan Thottam?

The current guideline value of Velu Thottam/Jagatheesan Thottam 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 changed from Rs 1,000 per sq.ft in 2012 to Rs 1,100 per sq.ft in 2024, with notable increases in 2023 and 2017 revisions.

What is the land classification for Velu Thottam/Jagatheesan Thottam?

Velu Thottam/Jagatheesan Thottam is classified as Residential Class III Type - I.

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 for properties in Velu Thottam/Jagatheesan Thottam?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 1,100 per sq.ft, the stamp duty would be Rs 77,000.