Guideline Value

Corporate

Guideline Value for Vel Nagar 1st Cross Street

₹2750/sq.ft.

The guideline value for Vel Nagar 1st Cross Street 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 Cross Street

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Vel Nagar 1st Cross Street guideline value

The current guideline value of Vel Nagar 1st Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the Virugambakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Vel Nagar 1st Cross Street has changed

The guideline value for Vel Nagar 1st Cross Street has undergone several revisions over the years. In 2002, the guideline value was Rs 97 per sq.ft. This increased to Rs 107 per sq.ft in 2003, marking a 10% rise. The value saw significant growth in the following years, reaching Rs 400 per sq.ft in 2007, which represented a 274% increase. By 2012, the value was Rs 2,500 per sq.ft, reflecting a substantial increase of 525% from 2007. However, it then decreased to Rs 1,675 per sq.ft in 2017, showing a decline of 33%.

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

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 in this area is Rs 3,050 per sq.ft, placing Vel Nagar 1st Cross Street's 2024 figure below that median.

Stamp duty and registration fee for property in Vel Nagar 1st Cross Street

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, making the total fees together Rs 2,47,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vel Nagar 1st Cross Street?

The Sub Registrar Office that covers Vel Nagar 1st Cross Street 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 when registering property transactions in Maduravoyal. It serves as a reference point for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value as per the regulations set by the Registration Department.

When buying or selling property, the guideline value influences the calculation of stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Vel Nagar 1st Cross Street?

The current guideline value of Vel Nagar 1st Cross Street 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 this period.

What is the land classification for Vel Nagar 1st Cross Street?

Vel Nagar 1st Cross Street is classified as Residential Class IV Type - I, indicating its designation for residential purposes.

What are the stamp duty and registration fees for properties in this area?

For a property valued at 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.

Where is the Sub Registrar Office located for this street?

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