Guideline Value

Corporate

Guideline Value for Vel Nagar 1st Main Road

₹2750/sq.ft.

The guideline value for Vel Nagar 1st Main Road in Maduravoyal village (Virugambakkam SRO, Chennai zone) is Rs 2750 per sq.ft, effective 1 July 2024. It was Rs 2500 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class Iv Type - I. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Maduravoyal

Village

Virugambakkam

SRO

Residential Class IV Type - I
History
Period Guideline Value
From 1-7-2024 ₹2750 /sq.ft.
From 1-4-2023 ₹2500 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹1675 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹2500 /sq.ft.
From 1-8-2007 To 31-3-2012 ₹400 /sq.ft.
From 1-4-2003 To 31-7-2007 ₹107 /sq.ft.
From 1-4-2002 To 31-3-2003 ₹97 /sq.ft.
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037
044-23641794
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Vel Nagar 1st Main Road

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Vel Nagar 1st Main Road guideline value

The current guideline value of Vel Nagar 1st Main Road is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, which falls under the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Vel Nagar 1st Main Road has changed

The guideline value for Vel Nagar 1st Main Road has undergone several revisions over the years. The earliest recorded value was Rs 97 per sq.ft in 2002, which increased to Rs 107 per sq.ft in 2003, marking a 10% rise. In 2007, the value saw a significant jump to Rs 400 per sq.ft, reflecting a 274% increase. The value then rose to Rs 2,500 per sq.ft in 2012, which was a 525% increase from the previous revision. However, it decreased to Rs 1,675 per sq.ft in 2017, showing a decline of 33%.

From 2017 to 2023, the guideline value increased to Rs 2,500 per sq.ft, representing a 49% rise. The most recent revision in 2024 set the value at Rs 2,750 per sq.ft, which is a 10% increase from the previous year. Overall, the guideline value has increased by 2,735% from 2002 to 2024.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value for these streets is Rs 3,050 per sq.ft, placing Vel Nagar 1st Main Road's 2024 figure below that median.

Stamp duty and registration fee for property in Vel Nagar 1st Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for stamp duty and registration fees would be Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vel Nagar 1st Main Road?

The Sub Registrar Office that covers Vel Nagar 1st Main Road is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Vel Nagar 1st Main Road?

The current guideline value of Vel Nagar 1st Main Road is Rs 2,750 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 97 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 2,735% over the years.

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

For a 1,000 sq.ft property at the current guideline value, the total guideline value would be Rs 27,50,000. The stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office covers Vel Nagar 1st Main Road?

The Virugambakkam Sub Registrar Office covers Vel Nagar 1st Main Road, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification of Vel Nagar 1st Main Road?

The land classification for Vel Nagar 1st Main Road is Residential Class IV Type - I, indicating its designated use for residential purposes.