Guideline Value for Vel Nagar

Vel Nagar guideline value

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

How the guideline value of Vel Nagar has changed

The guideline value of Vel Nagar has seen significant changes over the years. In the 2002 revision, the value was set at Rs 300 per sq.ft. By the 2003 revision, it increased to Rs 337 per sq.ft, marking a 12% rise. The 2017 revision noted a substantial jump to Rs 2,345 per sq.ft, reflecting a 596% increase from 2003. The most recent 2024 revision has further raised the guideline value to Rs 3,850 per sq.ft, which is a 64% increase from 2017.

Overall, from the 2002 revision to the 2024 revision, the guideline value has increased by 1183%. Notably, there are no figures available in the register for the years 2007, 2012, and 2023 for this street.

Guideline values in Velachery

In Velachery, there are a total of 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, with a median value of Rs 4,400 per sq.ft. The guideline value for Vel Nagar is below this median.

• Vel Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Vel Nagar 1st Street Lane: Rs 3,850 per sq.ft (2024)
• Vel Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Vel Nagar 2nd Street/E.B. Colony: Rs 4,400 per sq.ft (2024)
• Vel Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Vel Nagar 3rd Street/E.B. Colony: Rs 4,400 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 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, resulting in a total of Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vel Nagar?

Vel Nagar 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 plays a crucial role during the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that these fees are calculated fairly based on the property's value.

When a property is sold, the buyer and seller must ensure that the sale price is at least equal to the guideline value to avoid any legal complications. This helps maintain transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value of Vel Nagar?

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

How much has the guideline value changed since 2002?

Since 2002, the guideline value has increased by 1183%, from Rs 300 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024.

What was the guideline value in 2017?

The guideline value in 2017 was Rs 2,345 per sq.ft, which was a significant increase from the previous revisions.

Are there any years with no guideline value for Vel Nagar?

Yes, there are no figures available for the years 2007, 2012, and 2023 in the register for Vel Nagar.

Where can I find the Velacheri Sub Registrar Office?

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