Guideline Value for Velacheri Road

Velacheri Road guideline value

The current guideline value of Velacheri Road is Rs 10,500 per sq.ft, effective from 1 July 2024. This street is located in Adayar village and falls under the Adayar SRO. The land classification for this area is Commercial Class I Type - III.

How the guideline value of Velacheri Road has changed

The guideline value for Velacheri Road has seen several revisions over the years. The 2012 revision set the value at Rs 9,500 per sq.ft, which was then reduced to Rs 6,365 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 9,500 per sq.ft in the 2023 revision, and most recently, it has risen to Rs 10,500 per sq.ft in the 2024 revision, marking an increase of 11% from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 11%. The changes between the revisions include a substantial increase of 49% from 2017 to 2023, while the 2012 to 2017 period saw a decrease of 33%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Adayar

In Adayar village, there are 92 streets under the Adayar SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 15,400 per sq.ft. The median value for these streets is Rs 6,100 per sq.ft, positioning Velacheri Road's 2024 figure above that median.

• Vellaiyan Road: Rs 10,500 per sq.ft (2024)
• Varathapuram Thideer Nagar: Rs 5,500 per sq.ft (2024)
• Varathapuram 2nd Street: Rs 6,600 per sq.ft (2024)
• Varathapuram 1st Street: Rs 6,600 per sq.ft (2024)
• Valliammai Achi Road (Kotturpuram): Rs 11,000 per sq.ft (2024)
• Upparpalayam Anna Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Velacheri Road

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, totaling Rs 9,45,000. Please note that the 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?

The Velacheri Road falls under the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. For more information, you can find your SRO.

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

The guideline value is a critical factor when registering property transactions in Adayar. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration.

When a property is sold, the guideline value serves as a benchmark for the transaction price. Buyers and sellers must be aware of this value to ensure compliance with registration requirements and to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Velacheri Road?

The current guideline value of Velacheri Road 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 9,500 per sq.ft in 2012 to Rs 6,365 per sq.ft in 2017, then increased to Rs 9,500 per sq.ft in 2023, and finally to Rs 10,500 per sq.ft in 2024.

What are the stamp duty and registration fees for property in Velacheri Road?

For a 1,000 sq.ft plot at the current guideline value, the total guideline value is Rs 1,05,00,000. The stamp duty is Rs 7,35,000, and the registration fee is Rs 2,10,000, totaling Rs 9,45,000.

Which office handles registrations for Velacheri Road?

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

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It acts as a benchmark for the transaction price, ensuring compliance with registration requirements.