Guideline Value for VELUNACHIYAR STREET

Velunachiyar Street guideline value

The current guideline value of Velunachiyar Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Vengathur village and falls under the Manavalanagar SRO. The land classification for this area is Commercial Class I Type - III.

How the guideline value of Velunachiyar Street has changed

In the 2007 revision, the guideline value was Rs 150 per sq.ft. This figure saw a substantial increase in the 2012 revision, rising to Rs 1,300 per sq.ft, marking an increase of 767%. However, from 2012 to 2017, the value decreased by 33% to Rs 871 per sq.ft. The subsequent revisions saw the value increase again, with the 2023 revision maintaining the value at Rs 1,300 per sq.ft, and the 2024 revision also retaining this figure, resulting in no change from the previous year.

There are no available figures for the years 2002 and 2003 for Velunachiyar Street in the register. Overall, from 2007 to 2024, the guideline value has increased by 767%.

Guideline values in Vengathur

In Vengathur village, there are 186 streets under the Manavalanagar SRO that carry a 2024 guideline value ranging from Rs 500 to Rs 2,000 per sq.ft, with a median value of Rs 1,000 per sq.ft. Velunachiyar Street's guideline value of Rs 1,300 per sq.ft is above this median.

• Velayutha Reddy Street: Rs 1,000 per sq.ft (2024)
• VELAYUTHA REDDY Ist GURUKU STREET: Rs 1,000 per sq.ft (2024)
• Veeramamunivar Street: Rs 800 per sq.ft (2024)
• Veenas Street: Rs 800 per sq.ft (2024)
• Va.Voo.See. Street: Rs 1,300 per sq.ft (2024)
• Varalakshmi Nagar: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Velunachiyar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. 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 Velunachiyar Street?

Velunachiyar Street is covered by the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone. You can find your SRO for more details.

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

The guideline value serves as a benchmark for property transactions in Vengathur. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction.

It is essential for buyers and sellers to be aware of the guideline value, as it affects the overall cost of property registration. This ensures that all parties involved in the transaction are aware of the financial implications based on the set guideline value.

Frequently asked questions

What is the current guideline value of Velunachiyar Street?

The current guideline value of Velunachiyar Street is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, with an increase from Rs 150 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2012, a decrease to Rs 871 per sq.ft in 2017, and then remaining at Rs 1,300 per sq.ft in the revisions of 2023 and 2024.

What are the stamp duty and registration fees for properties on this street?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000.

Which office handles property registrations for Velunachiyar Street?

The Manavalanagar Sub Registrar Office handles property registrations for Velunachiyar Street, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.

What is the land classification for Velunachiyar Street?

The land classification for Velunachiyar Street is Commercial Class I Type - III.