Guideline Value for Velacheri Main Road

Velacheri Main Road guideline value

The current guideline value of Velacheri Main Road is Rs 3,750 per sq.ft, effective from 1 July 2024. This road is located in Gowrivakkam village, under the Selaiyur SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Velacheri Main Road has changed

The guideline value for Velacheri Main Road has undergone several revisions over the years. In 2007, the value was set at Rs 2,500 per sq.ft, which increased to Rs 3,500 per sq.ft in 2012. However, this figure saw a decrease to Rs 2,345 per sq.ft in 2017. The value then rose significantly to Rs 3,500 per sq.ft in 2023, and most recently, it has been revised to Rs 3,750 per sq.ft in 2024. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

From 2017 to 2023, the guideline value increased by 49%, while the change from 2012 to 2017 was a decrease of 33%. The value rose by 40% from 2007 to 2012. Overall, from 2007 to 2024, there has been an increase of 50% in the guideline value.

Guideline values in Gowrivakkam

In Gowrivakkam, there are 130 streets under the Selaiyur SRO that have a 2024 guideline value ranging from Rs 840 to Rs 3,750 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing Velacheri Main Road's 2024 value above that median.

• Vembuliamman Koil 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Vembuliamman Koil 1st Street: Rs 2,200 per sq.ft (2024)
• Vembuliamman Koil 2nd Street: Rs 2,200 per sq.ft (2024)
• Vembuliamman Koil 3rd Street: Rs 2,200 per sq.ft (2024)
• Vembuliamman Koil 4th Street: Rs 2,200 per sq.ft (2024)
• Vembuliamman Koil 5th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Velacheri Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,750 per sq.ft, the total guideline value would be Rs 37,50,000. The stamp duty at 7% would amount to Rs 2,62,500, and the registration fee at 2% would be Rs 75,000, bringing the total to Rs 3,37,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velacheri Main Road?

The Sub Registrar Office that covers Velacheri Main Road is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

When buying or selling property in Gowrivakkam, the guideline value is a crucial factor in determining the registration fees and stamp duty payable. The guideline value serves as a benchmark for the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the overall cost of property transactions. Accurate knowledge of the guideline value can help in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Velacheri Main Road?

The current guideline value of Velacheri Main Road is Rs 3,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2007 to Rs 3,750 per sq.ft in 2024, with several revisions in between, including a decrease in 2017.

What is the land classification for Velacheri Main Road?

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

What are the stamp duty rates applicable for property transactions?

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

Which office handles property registrations for Velacheri Main Road?

The Selaiyur Sub Registrar Office handles property registrations for Velacheri Main Road, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.