Guideline Value for Vel Nagar 2nd Street

Vel Nagar 2nd Street guideline value

The current guideline value of Vel Nagar 2nd Street is Rs 3,850 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 2nd Street has changed

The guideline value for Vel Nagar 2nd Street has undergone several revisions over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which then decreased to Rs 2,345 per sq.ft in the 2017 revision. However, the latest revision in 2024 shows a significant increase to Rs 3,850 per sq.ft, marking a 64% rise from the 2017 figure. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 in the register for this street. The changes from the 2012 to 2017 revision reflect a decrease of 33% before the subsequent increase in 2024.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, indicating that Vel Nagar 2nd Street's value is below this median.

• Vel Nagar 2nd Street/E.B. Colony: Rs 4,400 per sq.ft (2024)
• Vel Nagar 1st Street Lane: Rs 3,850 per sq.ft (2024)
• Vel Nagar 1st Street: Rs 3,850 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)
• Vel Nagar: Rs 3,850 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 3,850 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, leading to a total cost of Rs 3,46,500. Note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vel Nagar 2nd Street?

The Vel Nagar 2nd Street is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these charges are based on a standardized value set by the government.

During the registration process, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

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 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, and then increased to Rs 3,850 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, and 2023.

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

The land classification for Vel Nagar 2nd Street is Residential Class II Type - III.

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

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total cost would be Rs 3,46,500, which includes both fees.

Which office handles registrations for Vel Nagar 2nd Street?

The Velacheri Sub Registrar Office handles registrations for Vel Nagar 2nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.