Guideline Value for Vel Nagar

Vel Nagar guideline value

The current guideline value of Vel Nagar, located in Manancheri village under the Kunrathur SRO, is Rs 990 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Vel Nagar has changed

Over the years, the guideline value of Vel Nagar has seen significant changes. The 2007 revision recorded a value of Rs 200 per sq.ft, which increased dramatically to Rs 900 per sq.ft in 2012, marking a substantial rise of 350%. However, the value dropped to Rs 603 per sq.ft in the 2017 revision, a decrease of 33%. Following this, the 2023 revision set the value at Rs 900 per sq.ft, and the most recent 2024 revision saw it increase to Rs 990 per sq.ft, representing a 10% increase.

From 2017 to 2023, the value increased by 49%. Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 395%. It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Manancheri

In Manancheri, there are 59 streets under the Kunrathur SRO that carry a guideline value for 2024, ranging from Rs 550 to Rs 3,400 per sq.ft. The median guideline value is Rs 990 per sq.ft, which is the same as the current value for Vel Nagar.

• Vellalar Street: Rs 1,320 per sq.ft (2024)
• Vaniar Street: Rs 990 per sq.ft (2024)
• Vinayaga Avenue: Rs 990 per sq.ft (2024)
• Thirumalai Nagar: Rs 1,320 per sq.ft (2024)
• Sri Vidhyalakshmi Avenue: Rs 990 per sq.ft (2024)
• Srimathi Neelambal Nagar: Rs 990 per sq.ft (2024)

Stamp duty and registration fee for property in Vel Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 990 per sq.ft, the total guideline value amounts to Rs 9,90,000. The stamp duty at 7% would be Rs 69,300, and the registration fee at 2% would be Rs 19,800, bringing the total cost for these fees to Rs 89,100. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vel Nagar?

The Sub Registrar Office that covers Vel Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Manancheri. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees that need to be paid. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Vel Nagar?

The current guideline value of Vel Nagar is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value of Vel Nagar changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 990 per sq.ft in 2024, marking an overall increase of 395% over the years.

What is the registration fee for property in Vel Nagar?

The registration fee for property in Vel Nagar is calculated at 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Vel Nagar located?

The Sub Registrar Office for Vel Nagar is located at No.59, Road Street, Kundrathur, Chennai -600 069.

What are the other streets in Manancheri with guideline values?

Other streets in Manancheri include Vellalar Street at Rs 1,320 per sq.ft, Vaniar Street, Vinayaga Avenue, Sri Vidhyalakshmi Avenue, and Srimathi Neelambal Nagar, all at Rs 990 per sq.ft, and Thirumalai Nagar at Rs 1,320 per sq.ft.