Guideline Value for Vel Nagar 7th Cross Street

Vel Nagar 7th Cross Street guideline value

The current guideline value of Vel Nagar 7th Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Vel Nagar 7th Cross Street has changed

The guideline value for Vel Nagar 7th Cross Street has undergone 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 saw a significant jump to Rs 400 per sq.ft in 2007, which was a 274% increase. In 2012, the figure remained at Rs 2,500 per sq.ft, showing no change for this street in that year. The value then decreased to Rs 1,675 per sq.ft in 2017, reflecting a 33% drop.

From 2017 to 2023, the guideline value increased by 49% to reach Rs 2,500 per sq.ft. The most recent revision in 2024 saw the guideline value rise to Rs 2,750 per sq.ft, which is a 10% increase from the previous year. 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 with a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value for these streets is Rs 3,050 per sq.ft, placing Vel Nagar 7th Cross Street's 2024 figure below that median.

• Vel Nagar 6th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 8th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 5th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 9th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 4th 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 7th 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 is charged at 7%, which would be Rs 1,92,500, and the registration fee is 2%, amounting to Rs 55,000. Together, the total cost for stamp duty and registration fee 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 7th Cross Street?

The Sub Registrar Office that covers Vel Nagar 7th 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 in the registration process when buying or selling property in Maduravoyal. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of this value to ensure compliance with registration requirements.

When a property transaction occurs, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue based on the property's assessed value, which is essential for maintaining public services and infrastructure.

Frequently asked questions

What is the current guideline value of Vel Nagar 7th Cross Street?

The current guideline value of Vel Nagar 7th 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, marking an overall increase of 2,735% over this period.

What is the land classification for Vel Nagar 7th Cross Street?

The land classification for Vel Nagar 7th Cross Street is Residential Class IV Type - I.

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

For a property valued at Rs 27,50,000, the stamp duty is Rs 1,92,500 and the registration fee is Rs 55,000, totaling Rs 2,47,500.

Where is the Sub Registrar Office for Vel Nagar 7th Cross Street located?

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