Guideline Value for Vaduvambal Nagar

Vaduvambal Nagar guideline value

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

How the guideline value of Vaduvambal Nagar has changed

The guideline value for Vaduvambal Nagar has seen significant changes over the years. In 2002, the value was Rs 156 per sq.ft, which increased to Rs 175 per sq.ft in 2003, marking a 12% rise. The following revision in 2017 saw a substantial increase to Rs 2,345 per sq.ft, a remarkable 1,240% change from the 2003 figure. The value further escalated to Rs 3,500 per sq.ft in 2023, reflecting a 49% increase from 2017.

As of 1 July 2024, the guideline value is set at Rs 3,850 per sq.ft, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 2,368%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Vaduvambal Nagar's current guideline value is below this median.

• Vaigai Street: Rs 3,850 per sq.ft (2024)
• Vaigai Street, Devi Karumariamman Nagar Extn: Rs 3,850 per sq.ft (2024)
• Vadivel Nagar: 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 Vaduvambal 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, bringing the total to 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. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vaduvambal Nagar?

The Sub Registrar Office that covers Vaduvambal 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 additional information.

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

The guideline value is a crucial factor during property transactions in Velachery. It serves as a benchmark for determining the minimum value of a property for registration purposes. Buyers and sellers must be aware that the guideline value will influence the stamp duty and registration fees applicable during the transaction.

When registering a property, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vaduvambal Nagar?

The current guideline value of Vaduvambal 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 156 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, representing an overall increase of 2,368%.

What are the stamp duty rates in Vaduvambal Nagar?

The stamp duty rate in Vaduvambal Nagar is 7%, which is applied to the higher of the guideline value or the sale price during property registration.

Where can I find the Sub Registrar Office for Vaduvambal Nagar?

The Sub Registrar Office for Vaduvambal Nagar is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification of Vaduvambal Nagar?

Vaduvambal Nagar is classified as Residential Class II Type - III, which is relevant for understanding its zoning and potential uses.