Guideline Value for Vadivel Nagar

Vadivel Nagar guideline value

The current guideline value of Vadivel Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Vadivel Nagar has changed

The guideline value for Vadivel Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 195 per sq.ft, which increased to Rs 219 per sq.ft in 2003, marking a 12% rise. The value then experienced a substantial increase to Rs 3,500 per sq.ft in both 2012 and 2023, showing no change during that period. The latest revision in 2024 raised the value to Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

Notably, the most dramatic change occurred between 2003 and 2012, where the guideline value surged by 1498%. Overall, from 2002 to 2024, the guideline value has increased by 1874%. It is important to note that there are no figures available for the years 2007 and 2017 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, placing Vadivel Nagar's 2024 figure below that median.

• Vaduvambal Nagar: Rs 3,850 per sq.ft (2024)
• Vaigai Street: Rs 3,850 per sq.ft (2024)
• Vaigai Street, Devi Karumariamman Nagar Extn: Rs 3,850 per sq.ft (2024)
• Vaineshwari Nagar: Rs 3,850 per sq.ft (2024)
• Vaineshwari Nagar 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Vaineshwari Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Vadivel Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Vadivel Nagar?

The Sub Registrar Office that covers Vadivel Nagar is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum value at which properties must be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value influences the overall cost of the transaction. Buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price, which can impact the total amount payable during registration.

Frequently asked questions

What is the current guideline value of Vadivel Nagar?

The current guideline value of Vadivel Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 195 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, with notable increases in various years, including a 1498% rise from 2003 to 2012.

What is the land classification of Vadivel Nagar?

Vadivel Nagar is classified as Residential Class II Type - III under the land classification system.

What are the stamp duty and registration fees for property in Vadivel Nagar?

For a property valued at the current guideline of Rs 3,850 per sq.ft, the stamp duty would be Rs 2,69,500, and the registration fee would be Rs 77,000 for a 1,000 sq.ft plot.

Which office manages the registration of properties in Vadivel Nagar?

The Velacheri Sub Registrar Office manages the registration of properties in Vadivel Nagar, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.