Guideline Value for Velacheri 100ft Road

Velacheri 100ft Road guideline value

The current guideline value of Velacheri 100ft Road is Rs 13,200 per sq.ft, effective from 1 July 2024. This road is located in Velachery village, under the Velacheri SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Velacheri 100ft Road has changed

In the 2012 revision, the guideline value was Rs 12,000 per sq.ft. This value decreased to Rs 8,040 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value back up to Rs 12,000 per sq.ft. The latest revision in 2024 has seen a further increase of 10%, setting the current value at Rs 13,200 per sq.ft.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

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 guideline value for these streets is Rs 4,400 per sq.ft, indicating that Velacheri 100ft Road's current figure is above this median.

• Velacheri Main Road, Dr. Ambedkar Nagar: Rs 13,200 per sq.ft (2024)
• Velacheri Main Road, Nagendira Nagar: Rs 13,200 per sq.ft (2024)
• Velacheri Tambaram Road, Dr Seetharam Nagar: Rs 13,200 per sq.ft (2024)
• Velacheri Taramani Link Road/Varadharajapuram: Rs 13,200 per sq.ft (2024)
• Velachery Main Road: Rs 13,200 per sq.ft (2024)
• Velachery Main Road - 1st Segment: Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in Velacheri 100ft Road

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value amounts to Rs 1,32,00,000. The stamp duty at 7% would be Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, bringing the total fees to Rs 11,88,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velacheri 100ft Road?

The Velacheri 100ft 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 information.

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

The guideline value plays a crucial role in the registration process of property transactions in Velachery. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Velacheri 100ft Road?

The current guideline value of Velacheri 100ft Road is Rs 13,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 12,000 per sq.ft in 2012, dropping to Rs 8,040 per sq.ft in 2017, and then rising to Rs 12,000 per sq.ft in 2023 before reaching the current value of Rs 13,200 per sq.ft in 2024.

What is the land classification for Velacheri 100ft Road?

Velacheri 100ft Road is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in Velacheri is charged at 7% of the guideline value or sale price, whichever is higher. The registration fee is charged at 2%.

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. You can also find your SRO through the provided link.