Guideline Value for Velalar Main Road

Velalar Main Road guideline value

The current guideline value of Velalar Main Road is Rs 5,000 per sq.ft, effective from 1 July 2024. This road is located in Adambakkam village under the Alandur SRO, and it falls under the Residential Class I Type - I land classification.

How the guideline value of Velalar Main Road has changed

The guideline value for Velalar Main Road has seen significant changes over the years. In 2002, the value was Rs 369 per sq.ft, which increased to Rs 558 per sq.ft in 2003, marking a 51% rise. The value continued to grow, reaching Rs 900 per sq.ft in 2007, a remarkable increase of 400%. However, from 2007 to 2012, the value decreased to Rs 4,500 per sq.ft, reflecting a decline of 33%. The value remained the same in 2012 and did not change until 2017, when it rose to Rs 3,015 per sq.ft. This was followed by a substantial increase to Rs 4,500 per sq.ft in 2023, and finally, the current value of Rs 5,000 per sq.ft in 2024, which is an 11% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,255%. The register has no figures for the years not mentioned in the revisions.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft, with a median value of Rs 3,900 per sq.ft. The guideline value of Velalar Main Road is above this median.

• 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)
• Velacheri Road: 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 Velalar Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value would be Rs 50,00,000. The stamp duty at 7% would amount to Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000. Together, the total cost for stamp duty and registration fee would be Rs 4,50,000. Please note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Velalar Main Road?

The Sub Registrar Office that covers Velalar Main 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 is a crucial factor in the registration process when buying or selling property in Adambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

When a property is registered, the guideline value is used to calculate the applicable fees. This means that both buyers and sellers should consider the guideline value seriously, as it directly impacts the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Velalar Main Road?

The current guideline value of Velalar Main 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 369 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, reflecting an overall increase of 1,255% over this period.

What is the land classification for Velalar Main Road?

Velalar Main Road falls under the Residential Class I Type - I land classification.

Where is the Sub Registrar Office for Velalar Main Road located?

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

How is the stamp duty calculated for properties on Velalar 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 50,00,000, the stamp duty at 7% would be Rs 3,50,000.