Guideline Value for Vel Nagar Main

Vel Nagar Main guideline value

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

How the guideline value of Vel Nagar Main has changed

The guideline value for Vel Nagar Main has seen several revisions over the years. In 2003, the value was Rs 392 per sq.ft, which increased significantly to Rs 1,250 per sq.ft in 2007, marking a rise of 219%. The value then jumped to Rs 3,500 per sq.ft in 2012, an increase of 180%. However, it decreased to Rs 2,345 per sq.ft in 2017, reflecting a decline of 33%. In 2023, the value rose to Rs 3,500 per sq.ft, and the latest revision in 2024 set it at Rs 3,900 per sq.ft, an increase of 11% from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 895%. The register has no figure for the year 2002 for this street.

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. The median value is Rs 3,900 per sq.ft, which is equal to the current guideline value of Vel Nagar Main.

• Vel Nagar Extension: 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 Main

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, bringing the total to 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vel Nagar Main?

The Sub Registrar Office that covers Vel Nagar Main 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 further assistance.

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

The guideline value is a crucial factor during the registration of property transactions in Adambakkam. It serves as a benchmark for determining the stamp duty and registration fees payable when buying or selling property in the area.

When a property is registered, the guideline value is used to calculate the applicable duties. Buyers should be aware that the stamp duty is charged based on the higher of the guideline value or the sale price, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vel Nagar Main?

The current guideline value of Vel Nagar Main 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 increased from Rs 392 per sq.ft in 2003 to Rs 3,900 per sq.ft in 2024, marking an overall increase of 895% over the years.

What are the stamp duty rates for property in Vel Nagar Main?

The stamp duty for property in Vel Nagar Main is charged at 7% of the guideline value or the sale price, whichever is higher.

Where is the Alandur Sub Registrar Office located?

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

What is the median guideline value in Adambakkam?

The median guideline value in Adambakkam is Rs 3,900 per sq.ft, which is the same as the current guideline value for Vel Nagar Main.