Guideline Value for Velalar Street 1st Street

Velalar Street 1st Street guideline value

The current guideline value for Velalar Street 1st Street is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village under the Alandur SRO, classified as Residential Class I Type - I.

How the guideline value of Velalar Street 1st Street has changed

The guideline value for Velalar Street 1st Street has undergone several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 369 per sq.ft. This increased to Rs 558 per sq.ft in 2003, marking a 51% rise. In 2007, the value saw a significant jump to Rs 900 per sq.ft, which is an increase of 61%. The value then surged to Rs 4,500 per sq.ft in 2012, reflecting a remarkable 400% growth. However, from 2012 to 2017, the value decreased to Rs 3,015 per sq.ft, showing a decline of 33%. The guideline value rose again to Rs 4,500 per sq.ft in 2023, and the latest revision for 2024 sets it at Rs 5,000 per sq.ft, an increase of 11%.

There are no figures available for the revisions in years other than those specified. Overall, from 2002 to 2024, the guideline value has increased by 1,255%.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO carrying 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 for Velalar Street 1st Street is above this median.

• Velalar Main Road: 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 Street 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total 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. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velalar Street 1st Street?

The Sub Registrar Office that covers Velalar Street 1st Street 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 critical factor in the registration process for property transactions in Adambakkam. It serves as a benchmark to determine the minimum value at which a property can be registered, ensuring that the transaction is documented accurately.

When buying or selling property, the guideline value impacts the stamp duty and registration fees that need to be paid. These fees are calculated based on the higher of the guideline value or the sale price, which is essential for both buyers and sellers to consider during a transaction.

Frequently asked questions

What is the current guideline value of Velalar Street 1st Street?

The current guideline value of Velalar Street 1st Street 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 seen several revisions, starting from Rs 369 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, reflecting an overall increase of 1,255%.

What is the stamp duty for property in Velalar Street 1st Street?

The stamp duty for property in Velalar Street 1st Street is 7% of the guideline value or sale price, whichever is higher.

What is the registration fee for property in this area?

The registration fee for property transactions in Velalar Street 1st Street is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Velalar Street 1st Street?

The Sub Registrar Office for Velalar Street 1st Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.