Guideline Value for Vel Nagar 6th Cross Street

Vel Nagar 6th Cross Street guideline value

The current guideline value of Vel Nagar 6th 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. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Vel Nagar 6th Cross Street has changed

The guideline value for Vel Nagar 6th Cross Street has seen several revisions over the years. In 2002, the guideline value was Rs 97 per sq.ft. This increased to Rs 107 per sq.ft in 2003, marking a 10% rise. The value then saw a significant jump to Rs 400 per sq.ft in 2007, which was an increase of 274%. In 2012, the value was Rs 2,500 per sq.ft, reflecting a decrease of 33% from the previous revision. The 2017 revision set the value at Rs 1,675 per sq.ft, which was a 49% increase from 2012. The most recent revision in 2023 set the value at Rs 2,500 per sq.ft, leading to a 49% increase from 2017. The current value of Rs 2,750 per sq.ft as of 2024 represents a 10% increase from 2023.

There are no figures available for the revisions in the years not listed. Overall, from 2002 to 2024, the guideline value has increased by 2,735%.

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 guideline value in this area is Rs 3,050 per sq.ft, which means that Vel Nagar 6th Cross Street's 2024 figure is below that median.

• Vel Nagar 5th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 7th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 4th 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 6th 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, charged at 7%, would amount to Rs 1,92,500, and the registration fee, charged at 2%, would be Rs 55,000. Together, the total fees would be 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 6th Cross Street?

The Sub Registrar Office that covers Vel Nagar 6th 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 during the registration of property transactions in Maduravoyal. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that both the buyer and seller comply with the legal requirements.

When buying or selling property, the guideline value serves as a reference point for the transaction. It helps in establishing a fair basis for the fees involved in the registration process, making it essential for all parties to be aware of the current rates.

Frequently asked questions

What is the current guideline value of Vel Nagar 6th Cross Street?

The current guideline value of Vel Nagar 6th 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 significantly, 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 median guideline value in Maduravoyal?

The median guideline value in Maduravoyal is Rs 3,050 per sq.ft, which is higher than the current value of Vel Nagar 6th Cross Street.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7%, and the registration fee is charged at 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Vel Nagar 6th Cross Street located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.