Guideline Value for Vel Nagar 1st Street

Vel Nagar 1st Street guideline value

The current guideline value of Vel Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - III.

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

The guideline value for Vel Nagar 1st Street has undergone significant changes over the years. In the 2017 revision, the value was set at Rs 2,345 per sq.ft. With the latest 2024 revision, the guideline value increased to Rs 3,850 per sq.ft, marking a substantial rise of 64% from the previous figure.

It is important to note that the register has no figures for the years 2023, 2012, 2007, 2003, and 2002 for this street. This means that the only available revisions are from 2017 and 2024.

Guideline values in Velachery

In Velachery, there are a total of 2,691 streets under the Velacheri SRO that have a 2024 guideline value. The values range from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Vel Nagar 1st Street is below this median.

• Vel Nagar 1st Street Lane: Rs 3,850 per sq.ft (2024)
• Vel Nagar: Rs 3,850 per sq.ft (2024)
• Vel Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Vel Nagar 2nd Street/E.B. Colony: Rs 4,400 per sq.ft (2024)
• Vel Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Vel Nagar 3rd Street/E.B. Colony: Rs 4,400 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees to Rs 3,46,500. It is essential to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Vel Nagar 1st Street?

The Vel Nagar 1st Street is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is used to calculate the applicable charges, ensuring that the fees reflect the official valuation of the property. This process helps maintain transparency and standardization in real estate transactions.

Frequently asked questions

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

The current guideline value of Vel Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased from Rs 2,345 per sq.ft to Rs 3,850 per sq.ft, which is a rise of 64%.

Are there any years without a guideline value for Vel Nagar 1st Street?

Yes, the register has no figures for the years 2023, 2012, 2007, 2003, and 2002 for Vel Nagar 1st Street.

What are the stamp duty and registration fees for a property in Vel Nagar 1st Street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Where is the Sub Registrar Office for Vel Nagar 1st Street located?

The Velacheri Sub Registrar Office, which covers Vel Nagar 1st Street, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.