Guideline Value for Vel Nagar Main Road/E.B.Colony 3rd Cross Street

Vel Nagar Main Road/E.B.Colony 3rd Cross Street guideline value

The current guideline value of Vel Nagar Main Road/E.B.Colony 3rd Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Vel Nagar Main Road/E.B.Colony 3rd Cross Street has changed

The guideline value for this street has seen several revisions over the years. The 2012 revision set the value at Rs 4,000 per sq.ft, which then decreased to Rs 2,680 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 4,000 per sq.ft in 2023 and then rose again to the current value of Rs 4,400 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2012 revision to the 2024 revision, there has been a 10% increase. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, which is equal to the current guideline value of Vel Nagar Main Road/E.B.Colony 3rd Cross Street.

• Vel Nagar Main Road: Rs 3,850 per sq.ft (2024)
• Vel Nagar 3rd Street/E.B. Colony: Rs 4,400 per sq.ft (2024)
• Vel Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Vel Nagar 2nd Street/E.B. Colony: Rs 4,400 per sq.ft (2024)
• Vel Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Vel Nagar 1st Street Lane: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Vel Nagar Main Road/E.B.Colony 3rd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost for these fees to Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Vel Nagar Main Road/E.B.Colony 3rd Cross Street?

The Vel Nagar Main Road/E.B.Colony 3rd Cross Street is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit this link.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Velachery. It is used to determine the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value acts as a benchmark to ensure that the transaction is recorded accurately and the correct fees are levied. This ensures transparency and compliance with local regulations in property transactions.

Frequently asked questions

What is the current guideline value of Vel Nagar Main Road/E.B.Colony 3rd Cross Street?

The current guideline value of Vel Nagar Main Road/E.B.Colony 3rd Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then back to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024.

What is the land classification for this area?

The land classification for Vel Nagar Main Road/E.B.Colony 3rd Cross Street is Residential Class II Type - II.

Where can I find the registration office for this street?

The registration office for Vel Nagar Main Road/E.B.Colony 3rd Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in this area?

The stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at 7%.