Guideline Value for Vel Nagar 5th Cross Street

Vel Nagar 5th Cross Street guideline value

The current guideline value of Vel Nagar 5th 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 it falls under the Residential Class IV Type - I land classification.

How the guideline value of Vel Nagar 5th Cross Street has changed

The guideline value for Vel Nagar 5th Cross Street has seen several revisions over the years. In 2002, the guideline value was Rs 97 per sq.ft, which increased to Rs 107 per sq.ft in 2003. Following this, there was a significant rise to Rs 400 per sq.ft in 2007, and then it jumped to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. The value then increased to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,750 per sq.ft as of the 2024 revision.

Overall, the changes in the guideline value reflect a notable increase from Rs 97 in 2002 to Rs 2,750 in 2024, marking an overall increase of 2,735%. The changes between the revisions include a 10% increase from 2023 to 2024, a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, a 525% increase from 2007 to 2012, a 274% increase from 2003 to 2007, and a 10% increase from 2002 to 2003.

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. The guideline value of Vel Nagar 5th Cross Street is below this median.

• Vel Nagar 4th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 6th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 7th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 8th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 9th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 3rd Main Road: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Vel Nagar 5th 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, and the registration fee at 2% would be Rs 55,000, making the total cost for these fees 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vel Nagar 5th Cross Street?

The Sub Registrar Office that covers Vel Nagar 5th 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 details.

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

The guideline value is a crucial factor when buying or selling property in Maduravoyal. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

When a property is registered, the guideline value helps ensure that the transaction is documented at a fair price according to the local regulations. This system helps maintain transparency in property transactions and ensures that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Vel Nagar 5th Cross Street?

The current guideline value of Vel Nagar 5th 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 increased from Rs 97 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 2,735%.

What is the land classification for Vel Nagar 5th Cross Street?

Vel Nagar 5th Cross Street falls under the Residential Class IV Type - I land classification.

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

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 registrations for Vel Nagar 5th Cross Street?

The Virugambakkam Sub Registrar Office handles registrations for Vel Nagar 5th Cross Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.