Guideline Value for Vel Nagar Main Road

Vel Nagar Main Road guideline value

The current guideline value of Vel Nagar Main Road is Rs 3,850 per sq.ft, effective from 1 July 2024. This road is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Vel Nagar Main Road has changed

The guideline value for Vel Nagar Main Road has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, which is an increase of 64% from the 2017 revision figure of Rs 2,345 per sq.ft. Prior to that, in 2012, the guideline value was Rs 3,500 per sq.ft, representing a decrease of 33% from the 2017 revision.

Overall, comparing the 2012 revision to the current 2024 figure, there has been a modest increase of 10%. It is important to note that the register has no figures for the years 2023, 2007, 2003, and 2002 for this street.

Guideline values in Velachery

In Velachery village, there are 2,691 streets under the Velacheri SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, placing Vel Nagar Main Road's current value below that median.

• Vel Nagar Main Road/E.B.Colony 3rd Cross Street: Rs 4,400 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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty, charged at 7%, would be Rs 2,69,500, and the registration fee, charged at 2%, would be Rs 77,000. Together, these fees total Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vel Nagar Main Road?

The Vel Nagar Main Road is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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 serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is used to calculate the fees based on the property's size and location. Buyers and sellers must be aware of this value to ensure they comply with the legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Vel Nagar Main Road?

The current guideline value of Vel Nagar Main Road is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has changed from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, and then to Rs 3,850 per sq.ft in 2024. This reflects a 64% increase from 2017 to 2024, but a decrease of 33% from 2012 to 2017.

What are the registration fees for property in Vel Nagar Main Road?

The registration fees for property in Vel Nagar Main Road include a stamp duty of 7% and a registration fee of 2% on the guideline value or sale price, whichever is higher.

Which Sub Registrar Office covers Vel Nagar Main Road?

The Velacheri Sub Registrar Office covers Vel Nagar Main Road, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the median guideline value in Velachery?

The median guideline value in Velachery is Rs 4,400 per sq.ft for the year 2024, with Vel Nagar Main Road's value being below this median.