Guideline Value for Velacheri Road (Between Sardar Patel Road & Anna Salai)

Velacheri Road (Between Sardar Patel Road & Anna Salai) guideline value

The current guideline value of Velacheri Road (Between Sardar Patel Road & Anna Salai) is Rs 10,500 per sq.ft, effective from 1 July 2024. This road is located in Venkatapuram village and falls under the Adayar SRO. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Velacheri Road (Between Sardar Patel Road & Anna Salai) has changed

The guideline value for Velacheri Road has seen several revisions over the years. In 2002, the value was Rs 1,760 per sq.ft, which increased to Rs 1,955 per sq.ft in 2003, marking an 11% increase. By 2007, the value rose significantly to Rs 4,885 per sq.ft, reflecting a 150% increase. The subsequent revision in 2012 saw a decrease to Rs 9,500 per sq.ft, which was a decline of 33%. In 2017, the value increased to Rs 6,365 per sq.ft, showing a 49% rise. The most recent revision in 2023 set the value at Rs 9,500 per sq.ft, and the current value for 2024 is Rs 10,500 per sq.ft, representing an 11% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 497%. There are no figures available for the years not mentioned in this register for this street.

Guideline values in Venkatapuram

In Venkatapuram, there are 36 streets under the Adayar SRO with a 2024 guideline value ranging from Rs 2,800 to Rs 15,400 per sq.ft. The median guideline value in this area is Rs 5,500 per sq.ft, making the guideline value of Velacheri Road (Between Sardar Patel Road & Anna Salai) above the median.

• Velacheri Road (Between Acquatic Complex & Sardarpatel Road): Rs 10,500 per sq.ft (2024)
• Venkatapuram Slum Residents: Rs 2,800 per sq.ft (2024)
• Vinayagar Koil Street: Rs 5,500 per sq.ft (2024)
• Thulasinga Chetty Street: Rs 2,800 per sq.ft (2024)
• West Avenue Road: Rs 4,400 per sq.ft (2024)
• Thamas Nagar: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Velacheri Road (Between Sardar Patel Road & Anna Salai)

For a 1,000 sq.ft plot at the current guideline value of Rs 10,500 per sq.ft, the total guideline value amounts to Rs 1,05,00,000. The stamp duty at 7% would be Rs 7,35,000, and the registration fee at 2% would be Rs 2,10,000, bringing the total to Rs 9,45,000. It is important to note that 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 Velacheri Road (Between Sardar Patel Road & Anna Salai)?

The Sub Registrar Office that covers Velacheri Road (Between Sardar Patel Road & Anna Salai) is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when registering property transactions in Venkatapuram. It determines the minimum value at which a property can be registered and is used to calculate the applicable stamp duty and registration fees. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction process.

When a property is sold, the guideline value serves as a benchmark for the transaction. The stamp duty is calculated based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Velacheri Road (Between Sardar Patel Road & Anna Salai)?

The current guideline value of Velacheri Road (Between Sardar Patel Road & Anna Salai) is Rs 10,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,760 per sq.ft in 2002 to Rs 10,500 per sq.ft in 2024, showing an overall increase of 497% over the years.

What is the land classification for Velacheri Road (Between Sardar Patel Road & Anna Salai)?

The land classification for Velacheri Road (Between Sardar Patel Road & Anna Salai) is Commercial Class I Type - II.

Where can I find the Sub Registrar Office for Velacheri Road (Between Sardar Patel Road & Anna Salai)?

The Sub Registrar Office for Velacheri Road is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

How is the stamp duty calculated for properties on Velacheri Road?

The stamp duty for properties on Velacheri Road is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 1,05,00,000 would incur a stamp duty of Rs 7,35,000.