Guideline Value for Velacheri Road

Velacheri Road guideline value

The current guideline value of Velacheri Road in Adambakkam village, under the Alandur SRO, is Rs 5,000 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Velacheri Road has changed

The guideline value for Velacheri Road has seen significant changes over the years. In 2002, the value was Rs 341 per sq.ft, which increased to Rs 389 per sq.ft in 2003, marking a 14% rise. Following this, the value surged to Rs 1,250 per sq.ft in 2007, a remarkable increase of 221%. The value then saw a substantial jump to Rs 4,500 per sq.ft in 2012, reflecting a 260% rise from the previous revision. However, between 2012 and 2017, the value decreased to Rs 3,015 per sq.ft, a decline of 33%.

In 2023, the guideline value was Rs 4,500 per sq.ft, which then rose to Rs 5,000 per sq.ft in the 2024 revision, an increase of 11%. Overall, from 2002 to 2024, the guideline value has increased by 1366%.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO with a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, placing Velacheri Road's 2024 figure above this median.

• Velalar Main Road: Rs 5,000 per sq.ft (2024)
• Velalar Street 1st Street: Rs 5,000 per sq.ft (2024)
• Velalar Street Main: Rs 5,000 per sq.ft (2024)
• Velalar Street South Side Jeevan Nagar: Rs 5,000 per sq.ft (2024)
• Vellalar Cross Street: Rs 5,000 per sq.ft (2024)
• Vellalar Street 2nd Street: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in Velacheri Road

For a 1,000 sq.ft plot at the current rate of Rs 5,000 per sq.ft, the guideline value amounts to Rs 50,00,000. The stamp duty at 7% would be Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, totaling Rs 4,50,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Velacheri Road?

The Sub Registrar Office that covers Velacheri Road is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Adambakkam. It is the basis for calculating the stamp duty and registration fees that need to be paid at the time of registration. Buyers and sellers must be aware of the current guideline value to ensure compliance with the legal requirements in property transactions.

When buying or selling property, the guideline value is used to determine the official value of the property, which is essential for both parties. It ensures that the transaction is recorded accurately and that the appropriate taxes are paid to the government.

Frequently asked questions

What is the current guideline value of Velacheri Road?

The current guideline value of Velacheri Road is Rs 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 341 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, reflecting an overall increase of 1366% over this period.

What is the stamp duty rate for properties on Velacheri Road?

The stamp duty rate for properties on Velacheri Road is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Alandur Sub Registrar Office?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What are the other streets in Adambakkam with the same guideline value?

Other streets in Adambakkam that share the same guideline value of Rs 5,000 per sq.ft include Velalar Main Road, Velalar Street 1st Street, Velalar Street Main, Velalar Street South Side Jeevan Nagar, Vellalar Cross Street, and Vellalar Street 2nd Street.