Guideline Value for Vel Nagar Extension

Vel Nagar Extension guideline value

The current guideline value of Vel Nagar Extension is Rs 3,900 per sq.ft, effective from 1 July 2024. This area is located in Adambakkam village under the Alandur SRO, and it is classified as Residential Class I Type - III.

How the guideline value of Vel Nagar Extension has changed

The guideline value for Vel Nagar Extension has seen several revisions over the years. In 2002, the guideline value was Rs 344 per sq.ft, which increased to Rs 392 per sq.ft in 2003. Following this, the value rose significantly to Rs 1,250 per sq.ft in 2007, and then to Rs 3,500 per sq.ft in 2012. However, there was a decrease to Rs 2,345 per sq.ft in 2017. The guideline value then increased to Rs 3,500 per sq.ft in 2023 before reaching the current value of Rs 3,900 per sq.ft in 2024.

Between these revisions, there have been notable changes. The increase from 2017 to 2023 was 49%, while the change from 2023 to 2024 was 11%. The most significant increase occurred from 2007 to 2012, where the value rose by 180%. Overall, from 2002 to 2024, the guideline value has increased by 1,034%.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft, with a median value of Rs 3,900 per sq.ft. The guideline value for Vel Nagar Extension aligns with this median.

• Vel Nagar Main: Rs 3,900 per sq.ft (2024)
• Vel Nagar 3rd Street: Rs 3,900 per sq.ft (2024)
• Vel Nagar 2nd Street: Rs 3,900 per sq.ft (2024)
• Vel Nagar 1st Street: Rs 3,900 per sq.ft (2024)
• Vellalar Street Main: Rs 5,000 per sq.ft (2024)
• Vellalar Street 2nd Street: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in Vel Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, resulting in a total of Rs 3,51,000. 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 Extension?

The Sub Registrar Office that covers Vel Nagar Extension is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is an essential factor during property registration in Adambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is crucial for calculating stamp duty and registration fees, which are mandatory during any property transaction.

When buying or selling property, the guideline value helps ensure transparency and fairness in the registration process. Buyers and sellers must be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Vel Nagar Extension?

The current guideline value of Vel Nagar Extension is Rs 3,900 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 344 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of 1,034% over the years.

What is the land classification for Vel Nagar Extension?

Vel Nagar Extension is classified as Residential Class I Type - III, which indicates its suitability for residential development.

Where can I find the Sub Registrar Office for Vel Nagar Extension?

The Sub Registrar Office for Vel Nagar Extension is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the stamp duty calculated for property in Vel Nagar Extension?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For instance, for a property valued at Rs 39,00,000, the stamp duty at 7% would be Rs 2,73,000.