Guideline Value for Vel Nagar 2nd Cross Street

Vel Nagar 2nd Cross Street guideline value

The current guideline value of Vel Nagar 2nd 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 2nd Cross Street has changed

The guideline value for Vel Nagar 2nd Cross Street has seen several revisions over the years. In 2007, the value was Rs 400 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, this figure dropped to Rs 1,675 per sq.ft in 2017. The value then rose to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,750 per sq.ft as of the 2024 revision.

Looking at the changes, the guideline value increased by 525% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then rose by 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 10% increase. Overall, from 2007 to 2024, the guideline value has increased by 588%. The register has no figures for the years 2002 and 2003 for this street.

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, with a median value of Rs 3,050 per sq.ft. Vel Nagar 2nd Cross Street's current guideline value is below this median.

• Vel Nagar 2nd Main Road: Rs 2,750 per sq.ft (2024)
• Vel Nagar 1st Main Road: Rs 2,750 per sq.ft (2024)
• Vel Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 3rd Main Road: Rs 2,750 per sq.ft (2024)
• Vel Nagar 4th Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Vel Nagar 2nd 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 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 these fees would be Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Vel Nagar 2nd Cross Street?

The Sub Registrar Office that covers Vel Nagar 2nd 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 benchmark for determining the minimum value at which properties can be registered, ensuring that the state collects appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of the property. This value is essential for calculating the associated costs and ensuring compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Vel Nagar 2nd Cross Street?

The current guideline value of Vel Nagar 2nd 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 from Rs 400 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 588% over this period.

What is the land classification of Vel Nagar 2nd Cross Street?

Vel Nagar 2nd Cross Street is classified as Residential Class IV Type - I.

What are the stamp duty and registration fees for a property on this street?

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.

Which office handles property registrations for Vel Nagar 2nd Cross Street?

The Virugambakkam Sub Registrar Office handles property registrations for Vel Nagar 2nd Cross Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.