Guideline Value for Vel Nagar 9th Cross Street

Vel Nagar 9th Cross Street guideline value

The current guideline value of Vel Nagar 9th 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 falls under the Residential Class IV Type - I land classification.

How the guideline value of Vel Nagar 9th Cross Street has changed

The guideline value for Vel Nagar 9th Cross Street has undergone 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, marking a rise of 10%. The value then saw a significant increase to Rs 400 per sq.ft in 2007, a change of 274%. Following that, the value jumped to Rs 2,500 per sq.ft in 2012, representing a remarkable increase of 525%. However, it decreased to Rs 1,675 per sq.ft in 2017, a decline of 33%. The value then rose to Rs 2,500 per sq.ft in 2023, followed by the current rate of Rs 2,750 per sq.ft in 2024, reflecting a 10% increase.

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

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 the median being Rs 3,050 per sq.ft. The guideline value of Vel Nagar 9th Cross Street is below this median.

• Vel Nagar 8th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 7th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 6th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 5th 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 9th 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, bringing the total charges to 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.

You can use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Vel Nagar 9th Cross Street?

The Sub Registrar Office that covers Vel Nagar 9th 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 an essential factor during the registration of property transactions in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is sold or purchased.

Frequently asked questions

What is the current guideline value of Vel Nagar 9th Cross Street?

The current guideline value of Vel Nagar 9th 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 9th Cross Street?

The registration office for Vel Nagar 9th 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 9th Cross Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 27,50,000 would incur a stamp duty of Rs 1,92,500 at 7%.

What is the land classification of Vel Nagar 9th Cross Street?

Vel Nagar 9th Cross Street is classified under Residential Class IV Type - I, which is important for understanding the applicable guidelines and regulations for property transactions in the area.