Guideline Value for Vayal Veli Street

Vayal Veli Street guideline value

The current guideline value of Vayal Veli Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village, under the Selaiyur SRO, and is classified as Residential Class II Type - II.

How the guideline value of Vayal Veli Street has changed

Over the years, the guideline value for Vayal Veli Street has seen several revisions. The most recent revision in 2024 set the guideline value at Rs 1,300 per sq.ft, an increase from Rs 1,200 per sq.ft in 2023, marking an 8% rise. The guideline value remained unchanged at Rs 1,200 per sq.ft from 2012 to 2023. The overall change from 2012 to 2024 is an increase of 8%.

For the years 2002, 2003, 2007, and 2017, the register has no figure for this street. Thus, the only revisions with recorded figures are from 2012, 2023, and 2024.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 6,000 per sq.ft, with a median value of Rs 2,400 per sq.ft. Vayal Veli Street's 2024 guideline value is below this median.

• Velan Nagar: Rs 1,300 per sq.ft (2024)
• Valter Devaraj Street: Rs 1,600 per sq.ft (2024)
• Vengaivasal Main Road: Rs 2,200 per sq.ft (2024)
• Vengambakkam Road: Rs 1,300 per sq.ft (2024)
• Unnamalai Nagar Road: Rs 1,700 per sq.ft (2024)
• Unnamalai Nagar Main Road: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Vayal Veli Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total 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, bringing the total to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Vayal Veli Street?

The Sub Registrar Office that covers Vayal Veli Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buyers or sellers engage in property transactions, the guideline value helps in assessing the financial obligations associated with the transfer. It is essential to be aware of the current guideline value to accurately calculate the costs involved in the registration process.

Frequently asked questions

What is the current guideline value of Vayal Veli Street?

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

How has the guideline value changed in recent years?

The guideline value increased from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024, which is an 8% increase. There was no change from 2012 to 2023, maintaining a value of Rs 1,200 per sq.ft during that period.

What is the land classification of Vayal Veli Street?

Vayal Veli Street is classified as Residential Class II Type - II, indicating its designation for residential use within the area.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For instance, for a property valued at Rs 13,00,000, the stamp duty at 7% would amount to Rs 91,000.