Guideline Value for Velachery Main Road

Velachery Main Road guideline value

The current guideline value of Velachery Main Road is Rs 6,500 per sq.ft, effective from 1 July 2024. This road is located in Selaiyur village, under the Selaiyur SRO, and is classified as Commercial Class I Type - II.

How the guideline value of Velachery Main Road has changed

The guideline value for Velachery Main Road has seen several revisions over the years. In 2012, the value was set at Rs 6,000 per sq.ft, which then decreased to Rs 4,020 per sq.ft in 2017. Following this, the value increased significantly to Rs 6,000 per sq.ft in 2023. The most recent revision in 2024 raised the guideline value to Rs 6,500 per sq.ft, marking an 8% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. The changes between the revisions are notable, with a 49% increase from 2017 to 2023, and an 33% decrease from 2012 to 2017. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO, with the 2024 guideline values ranging from Rs 850 to Rs 6,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Velachery Main Road's 2024 figure above this median.

• Veerabedran Street: Rs 1,100 per sq.ft (2024)
• Velmurugan street: Rs 950 per sq.ft (2024)
• Vedhachalam Street: Rs 1,600 per sq.ft (2024)
• Vembuliamman koil Street: Rs 950 per sq.ft (2024)
• Venkatasamy Street: Rs 2,400 per sq.ft (2024)
• Vasuki Street: Rs 1,800 per sq.ft (2024)

Stamp duty and registration fee for property in Velachery Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 6,500 per sq.ft, the total guideline value amounts to Rs 65,00,000. The stamp duty at 7% would be Rs 4,55,000, and the registration fee at 2% would be Rs 1,30,000, bringing the total fees to Rs 5,85,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velachery Main Road?

The Sub Registrar Office that covers Velachery 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Selaiyur. It determines the minimum price at which a property can be registered and is used to calculate stamp duty and registration fees.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair price, reflecting the current market conditions. Buyers and sellers must be aware of this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Velachery Main Road?

The current guideline value of Velachery Main Road is Rs 6,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 6,000 in 2012 to Rs 4,020 in 2017, then back to Rs 6,000 in 2023, and finally to Rs 6,500 in 2024.

What is the land classification for Velachery Main Road?

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

Where is the Selaiyur Sub Registrar Office located?

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 Velachery Main Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 6,500 per sq.ft incurs a stamp duty of 7% on the total guideline value.