Guideline Value for Vel Nagar 3rd Main Road

Vel Nagar 3rd Main Road guideline value

The current guideline value of Vel Nagar 3rd Main Road is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Vel Nagar 3rd Main Road has changed

The guideline value for Vel Nagar 3rd Main Road has undergone several revisions over the years. The earliest recorded revision is from 2003, where the guideline value was Rs 107 per sq.ft. This increased significantly to Rs 400 per sq.ft in 2007, marking a change of +274%. In 2012, the value rose to Rs 2,500 per sq.ft, representing a remarkable increase of +525%. However, by 2017, it dropped to Rs 1,675 per sq.ft, indicating a decrease of -33%. The value then increased to Rs 2,500 per sq.ft in 2023, followed by a further increase to Rs 2,750 per sq.ft in 2024, which is a change of +10%.

Overall, from 2003 to 2024, the guideline value has seen a substantial increase of +2470%. It is important to note that there is no recorded figure for the year 2002 for this street in the register.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,200 to Rs 6,050 per sq.ft as of 2024. The median guideline value for these streets is Rs 3,050 per sq.ft, placing Vel Nagar 3rd Main Road's 2024 value below the median.

• Vel Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 4th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 2nd Main Road: Rs 2,750 per sq.ft (2024)
• Vel Nagar 5th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 6th Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Vel Nagar 3rd 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 amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vel Nagar 3rd Main Road?

The Sub Registrar Office that covers Vel Nagar 3rd 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 further assistance.

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

The guideline value is an essential factor when buying or selling property in Maduravoyal, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value ensures that the government receives the appropriate revenue from the transaction. Buyers and sellers should be aware of the guideline value to ensure compliance with local regulations and to understand the financial implications of their property dealings.

Frequently asked questions

What is the current guideline value of Vel Nagar 3rd Main Road?

The current guideline value of Vel Nagar 3rd 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 107 per sq.ft in 2003 to Rs 2,750 per sq.ft in 2024, marking an overall increase of +2470%.

What is the land classification for Vel Nagar 3rd Main Road?

Vel Nagar 3rd Main Road is classified as Residential Class IV Type - I, indicating its use for residential purposes.

Where can I find the Sub Registrar Office for Vel Nagar 3rd Main Road?

The Sub Registrar Office for Vel Nagar 3rd Main Road is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in Maduravoyal?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 27,50,000, the stamp duty at 7% would amount to Rs 1,92,500.