Guideline Value for Velacherry Road

Velacherry Road guideline value

The current guideline value of Velacherry Road in Irumpuliyur village, under the Tambaram Joint 1 SRO, is Rs 6,600 per sq.ft, effective from 1 July 2024. This area is classified as Commercial Class I Type - I.

How the guideline value of Velacherry Road has changed

The guideline value for Velacherry Road has undergone several revisions over the years. In 2007, the value was Rs 900 per sq.ft, which saw a significant increase to Rs 6,000 per sq.ft in 2012. However, this value decreased by 33% to Rs 4,020 per sq.ft in 2017. The following revision in 2023 raised the value to Rs 6,000 per sq.ft, and the most recent revision in 2024 has set it at Rs 6,600 per sq.ft, marking a 10% increase from the previous year.

Notably, there are no figures available for the years 2002 and 2003 in the register for this street. The overall change from 2007 to 2024 reflects a substantial increase of 633% in the guideline value.

Guideline values in Irumpuliyur

In Irumpuliyur, there are 218 streets under the Tambaram Joint 1 SRO with a 2024 guideline value ranging from Rs 880 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Velacherry Road's 2024 figure above this median.

• Veerapatran Street: Rs 2,530 per sq.ft (2024)
• Vellalar Street: Rs 880 per sq.ft (2024)
• Vedan Kannappar Street: Rs 1,650 per sq.ft (2024)
• Vaniyan Kutti Street: Rs 1,650 per sq.ft (2024)
• Vaigai Street: Rs 2,530 per sq.ft (2024)
• Vijayaganapathy Street: Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Velacherry Road

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total fees together to Rs 5,94,000. It is important to 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 detailed calculations.

Which Sub Registrar Office covers Velacherry Road?

The Velacherry Road falls under the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Irumpuliyur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is referenced to calculate the applicable fees. Buyers should be aware that the duty is charged based on the higher amount between the guideline value and the actual sale price, which can significantly impact the overall transaction costs.

Frequently asked questions

What is the current guideline value of Velacherry Road?

The current guideline value of Velacherry Road is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 900 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, which is a total increase of 633% over the years.

What is the median guideline value in Irumpuliyur?

The median guideline value for the 218 streets in Irumpuliyur is Rs 2,200 per sq.ft, with Velacherry Road's value being above this median.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Which office handles property registrations for Velacherry Road?

The Tambaram Joint 1 Sub Registrar Office handles property registrations for Velacherry Road, located at No.26, Mes Road, East Tambaram, Chennai-600059.