Guideline Value for Vel Nagar 2nd Street

Vel Nagar 2nd Street guideline value

The current guideline value of Vel Nagar 2nd Street is Rs 3,900 per sq.ft. This street is located in Adambakkam village, under the Alandur SRO, and is classified as Residential Class I Type - III.

How the guideline value of Vel Nagar 2nd Street has changed

The guideline value for Vel Nagar 2nd Street has undergone several revisions over the years. In 2002, the value was Rs 344 per sq.ft, which increased to Rs 392 per sq.ft in 2003. Following this, there was a significant rise to Rs 1,250 per sq.ft in 2007, and the value further increased to Rs 3,500 per sq.ft in 2012. However, from 2012 to 2017, the value decreased to Rs 2,345 per sq.ft. The value then rose to Rs 3,500 per sq.ft in 2023 before reaching the current rate of Rs 3,900 per sq.ft in 2024.

Overall, the changes between these revisions show a notable increase. From 2002 to 2024, the guideline value has increased by 1,034%. The most recent change from 2023 to 2024 reflects an increase of 11%.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value, ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median guideline value is Rs 3,900 per sq.ft, which is equal to the current value of Vel Nagar 2nd Street.

• Vel Nagar 1st Street: Rs 3,900 per sq.ft (2024)
• Vel Nagar 3rd Street: Rs 3,900 per sq.ft (2024)
• Vel Nagar Extension: Rs 3,900 per sq.ft (2024)
• Vel Nagar Main: Rs 3,900 per sq.ft (2024)
• Vellalar Street Main: Rs 5,000 per sq.ft (2024)
• Vellalar Street 2nd Street: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in Vel Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, totaling Rs 3,51,000. It is important to note that the 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 2nd Street?

The Sub Registrar Office that covers Vel Nagar 2nd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Adambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property. Buyers must consider the guideline value to ensure they comply with legal requirements during the registration process.

When a property is sold, the guideline value is used to calculate the necessary fees, which are based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of Vel Nagar 2nd Street is Rs 3,900 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 344 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, marking an overall increase of 1,034%.

What are the stamp duty and registration fees for properties in Vel Nagar 2nd Street?

For a 1,000 sq.ft property at the current guideline value, the total stamp duty would be Rs 2,73,000 and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

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

The Alandur Sub Registrar Office handles property registrations for Vel Nagar 2nd Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the land classification for Vel Nagar 2nd Street?

Vel Nagar 2nd Street is classified as Residential Class I Type - III, indicating its suitability for residential development.