Guideline Value for Vel Nagar 3rd Street

Vel Nagar 3rd Street guideline value

The current guideline value of Vel Nagar 3rd Street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village and falls under the Alandur SRO. The land classification is Residential Class I Type - III.

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

The guideline value for Vel Nagar 3rd Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 344 per sq.ft. It increased to Rs 392 per sq.ft in 2003, marking a 14% rise. The value then saw a significant increase of 219% to reach Rs 1,250 per sq.ft in 2007. Following this, the 2012 revision set the value at Rs 3,500 per sq.ft, which was an increase of 180% from 2007. However, the 2017 revision saw a decrease of 33%, bringing the value down to Rs 2,345 per sq.ft. The 2023 revision raised it to Rs 3,500 per sq.ft, and the latest 2024 revision has set the value at Rs 3,900 per sq.ft, reflecting an increase of 11% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,034%. There are no figures available for the revisions in years not listed above.

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 value is Rs 3,900 per sq.ft, which is the same as the 2024 guideline value for Vel Nagar 3rd Street.

• Vel Nagar 2nd Street: Rs 3,900 per sq.ft (2024)
• Vel Nagar Extension: Rs 3,900 per sq.ft (2024)
• Vel Nagar 1st Street: 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 3rd 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 amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, leading to a total of 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.

You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vel Nagar 3rd Street?

The Sub Registrar Office that covers Vel Nagar 3rd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. To find your SRO, you can visit find your SRO.

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 minimum price at which a property can be registered. Buyers and sellers must consider this value when negotiating the sale price to ensure compliance with registration regulations.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

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

How has the guideline value changed over the years?

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

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

Vel Nagar 3rd Street is classified as Residential Class I Type - III.

Where can I find the Sub Registrar Office for Vel Nagar 3rd Street?

The Alandur Sub Registrar Office covers Vel Nagar 3rd Street and is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 39,00,000 would incur a stamp duty of Rs 2,73,000 and a registration fee of Rs 78,000.