Guideline Value for Veerakudi Velalar Street

Veerakudi Velalar Street guideline value

The current guideline value of Veerakudi Velalar Street is Rs 2,420 per sq.ft, effective from 1 July 2024. This street is located in Chengalpattu Town village, under the Chengleput Joint I SRO, and is classified as Residential Class III Type - I.

How the guideline value of Veerakudi Velalar Street has changed

The guideline value for Veerakudi Velalar Street has undergone several revisions over the years. In the 2007 revision, the value was Rs 501 per sq.ft, which saw a significant increase to Rs 2,200 per sq.ft in the 2012 revision, marking a rise of 339%. However, from 2012 to 2017, the value decreased to Rs 1,474 per sq.ft, a drop of 33%. The 2023 revision set the value at Rs 2,200 per sq.ft, and the latest revision in 2024 has increased it to Rs 2,420 per sq.ft, reflecting a change of 10%.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 383%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Chengalpattu Town

In Chengalpattu Town, there are 55 streets under the Chengleput Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value among these streets is Rs 3,025 per sq.ft, indicating that the 2024 guideline value for Veerakudi Velalar Street is below this median.

• Varadanar Street: Rs 4,125 per sq.ft (2024)
• Vakil Krishnaswamy Street: Rs 2,420 per sq.ft (2024)
• V.O.C.Street: Rs 2,750 per sq.ft (2024)
• Thirukazhukundram Road: Rs 2,475 per sq.ft (2024)
• Thimmaraja kula Street: Rs 3,850 per sq.ft (2024)
• T.E.L.C.Compound 4th Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Veerakudi Velalar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,420 per sq.ft, the total guideline value amounts to Rs 24,20,000. The stamp duty at 7% would be Rs 1,69,400, and the registration fee at 2% would be Rs 48,400, bringing the total to Rs 2,17,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Veerakudi Velalar Street?

The Sub Registrar Office that covers Veerakudi Velalar Street is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Chengalpattu Town. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during property transactions.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the correct amount in taxes based on the property's value as determined by the guideline value register.

Frequently asked questions

What is the current guideline value of Veerakudi Velalar Street?

The current guideline value of Veerakudi Velalar Street is Rs 2,420 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 501 per sq.ft in 2007 to Rs 2,420 per sq.ft in 2024, marking an overall increase of 383% over the years.

What is the stamp duty rate for properties in Veerakudi Velalar Street?

The stamp duty rate for properties in Veerakudi Velalar Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Veerakudi Velalar Street?

The Sub Registrar Office for Veerakudi Velalar Street is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value of a property, which affects the calculation of stamp duty and registration fees during property transactions.