Guideline Value

Corporate

Guideline Value for Vel Nagar 8th Cross Street

₹2750/sq.ft.

The guideline value for Vel Nagar 8th Cross Street in Maduravoyal village (Virugambakkam SRO, Chennai zone) is Rs 2750 per sq.ft, effective 1 July 2024. It was Rs 2500 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class Iv Type - I. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Maduravoyal

Village

Virugambakkam

SRO

Residential Class IV Type - I
History
Period Guideline Value
From 1-7-2024 ₹2750 /sq.ft.
From 1-4-2023 ₹2500 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹1675 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹2500 /sq.ft.
From 1-8-2007 To 31-3-2012 ₹400 /sq.ft.
From 1-4-2003 To 31-7-2007 ₹107 /sq.ft.
From 1-4-2002 To 31-3-2003 ₹97 /sq.ft.
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037
044-23641794
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Vel Nagar 8th Cross Street

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Vel Nagar 8th Cross Street guideline value

The current guideline value of Vel Nagar 8th 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 is classified as Residential Class IV Type - I.

How the guideline value of Vel Nagar 8th Cross Street has changed

The guideline value for Vel Nagar 8th Cross Street has seen significant changes over the years. In the 2002 revision, the value was Rs 97 per sq.ft. It increased to Rs 107 per sq.ft in 2003, marking a 10% rise. The value then saw a substantial jump to Rs 400 per sq.ft in 2007, which was a 274% increase. Following this, the 2012 revision set the value at Rs 2,500 per sq.ft, reflecting a 525% increase from the previous revision. However, in 2017, the value decreased to Rs 1,675 per sq.ft, a decline of 33%.

From 2017 to 2023, the guideline value rose significantly to Rs 2,500 per sq.ft, representing a 49% increase. The most recent revision in 2024 has further increased the value to Rs 2,750 per sq.ft, which is a 10% rise 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 that have 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 for Vel Nagar 8th Cross Street is below this median.

Stamp duty and registration fee for property in Vel Nagar 8th 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. Together, the total cost for stamp duty and registration 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 further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vel Nagar 8th Cross Street?

The Sub Registrar Office that covers Vel Nagar 8th 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 is a crucial factor in the registration process for property transactions in Maduravoyal. It serves as the minimum value for which properties can be registered, ensuring that the government receives the appropriate revenue through stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the guideline value as it influences the overall cost of the transaction. Buyers should ensure that the sale price is at least equal to the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Vel Nagar 8th Cross Street?

The current guideline value of Vel Nagar 8th 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% over this period.

What is the registration office for Vel Nagar 8th Cross Street?

The registration office for Vel Nagar 8th Cross Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Vel Nagar 8th Cross Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 2,750 per sq.ft would incur a stamp duty of Rs 1,92,500.

What are the other guideline values in Maduravoyal?

In Maduravoyal, the guideline values range from Rs 2,200 to Rs 6,050 per sq.ft, with a median value of Rs 3,050 per sq.ft. Vel Nagar 8th Cross Street's guideline value is below this median.