Guideline Value for Vel Nagar 3rd Cross Street

Vel Nagar 3rd Cross Street guideline value

The current guideline value of Vel Nagar 3rd Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Vel Nagar 3rd Cross Street has changed

The guideline value for Vel Nagar 3rd Cross Street has undergone several revisions over the years. The earliest recorded figure is from 2002, which was Rs 97 per sq.ft. This increased to Rs 107 per sq.ft in 2003, marking a 10% rise. The value saw a significant jump to Rs 400 per sq.ft in 2007, reflecting a 274% increase. Following this, the value rose dramatically to Rs 2,500 per sq.ft in 2012, a 525% increase. However, it then decreased to Rs 1,675 per sq.ft in 2017, representing a 33% decline. The guideline value was Rs 2,500 per sq.ft in 2023, and the latest revision in 2024 has set it at Rs 2,750 per sq.ft, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 2,735%. The register has no figures for revisions in years other than those specified.

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 value for these streets is Rs 3,050 per sq.ft, placing Vel Nagar 3rd Cross Street's 2024 figure below that median.

• Vel Nagar 3rd Main Road: Rs 2,750 per sq.ft (2024)
• Vel Nagar 2nd Main Road: Rs 2,750 per sq.ft (2024)
• Vel Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 4th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 5th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 6th Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Vel Nagar 3rd 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, resulting in a total of Rs 2,47,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Vel Nagar 3rd Cross Street?

The Sub Registrar Office that covers Vel Nagar 3rd 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 plays a crucial role during the registration of property transactions in Maduravoyal. It serves as the benchmark for determining the stamp duty and registration fees that need to be paid when a property is sold or purchased.

When a buyer or seller approaches the registration office, the guideline value is assessed to ensure that the appropriate fees are calculated based on either the guideline value or the sale price, whichever is higher. This ensures compliance with local regulations and helps in maintaining transparency in property transactions.

Frequently asked questions

What is the current guideline value of Vel Nagar 3rd Cross Street?

The current guideline value of Vel Nagar 3rd 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 97 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 2,735% over the years.

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

For a 1,000 sq.ft plot, the total guideline value is 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, totaling Rs 2,47,500.

Which office handles registrations for Vel Nagar 3rd Cross Street?

The Virugambakkam Sub Registrar Office handles registrations for Vel Nagar 3rd Cross Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Vel Nagar 3rd Cross Street?

The land classification for Vel Nagar 3rd Cross Street is Residential Class IV Type - I, indicating its designation for residential use.