Guideline Value for Velacherry Main Road

Velacherry Main Road guideline value

The current guideline value of Velacherry Main Road is Rs 4,250 per sq.ft, effective from 1 July 2024. This road is located in Rajakilpakkam village, under the Selaiyur SRO, and is classified as Commercial Class I Type - II.

How the guideline value of Velacherry Main Road has changed

The guideline value for Velacherry Main Road has undergone several revisions over the years. In 2012, the guideline value was Rs 4,000 per sq.ft, which decreased to Rs 2,680 per sq.ft in 2017. Following this, the value increased significantly to Rs 4,000 per sq.ft in 2023. The most recent revision in 2024 has set the guideline value at Rs 4,250 per sq.ft, marking a 6% increase from the previous year.

From 2017 to 2023, the guideline value saw a substantial increase of 49%. Overall, when considering the period from 2012 to 2024, the guideline value has increased by 6%. The register does not provide figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Rajakilpakkam

In Rajakilpakkam, there are 384 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 5,000 per sq.ft. The median value for these streets is Rs 2,150 per sq.ft, indicating that Velacherry Main Road's 2024 guideline value is above this median.

• Venkatachalapathy Street: Rs 1,300 per sq.ft (2024)
• Venkatarama Iyer Street: Rs 1,900 per sq.ft (2024)
• Venkataraman Street: Rs 1,900 per sq.ft (2024)
• Venkat Avenue 1st Street: Rs 1,300 per sq.ft (2024)
• Venkat Avenue 2nd Street: Rs 1,300 per sq.ft (2024)
• Venugopal Street: Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Velacherry Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 4,250 per sq.ft, the total guideline value would be Rs 42,50,000. The stamp duty at 7% would amount to Rs 2,97,500, and the registration fee at 2% would be Rs 85,000, bringing the total to Rs 3,82,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Velacherry Main Road?

The Sub Registrar Office that covers Velacherry 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 more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Rajakilpakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must consider the guideline value to ensure compliance with the legal requirements during the registration process.

When a property is sold, the guideline value is used to calculate the stamp duty, which is charged on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Velacherry Main Road?

The current guideline value of Velacherry Main Road is Rs 4,250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then increased to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,250 per sq.ft in 2024.

What is the land classification of Velacherry Main Road?

Velacherry Main Road is classified as Commercial Class I Type - II.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated for properties in Velacherry Main Road?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 42,50,000, the stamp duty would be Rs 2,97,500 at 7% of the guideline value.