Guideline Value for Velalar Street Main

Velalar Street Main guideline value

The current guideline value of Velalar Street Main 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 Main has changed

Over the years, the guideline value of Velalar Street Main has seen significant changes. The register shows that in 2003, the value was Rs 636 per sq.ft, which increased to Rs 900 per sq.ft in 2007, marking a 42% rise. By 2012, the value reached Rs 4,500 per sq.ft, representing a substantial increase of 400%. However, it then decreased by 33% to Rs 3,015 per sq.ft in 2017. Following this, the value rose sharply to Rs 4,500 per sq.ft in 2023, and finally to Rs 5,000 per sq.ft in 2024, reflecting an 11% increase from the previous year.

It is important to note that there is no figure available for the year 2002 for Velalar Street Main. Overall, from 2003 to 2024, the guideline value has increased by 686%.

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. Velalar Street Main's 2024 guideline value of Rs 5,000 per sq.ft is above this median.

• Velalar Street 1st Street: Rs 5,000 per sq.ft (2024)
• Velalar Street South Side Jeevan Nagar: Rs 5,000 per sq.ft (2024)
• Velalar Main Road: 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 Main

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, bringing the total to Rs 4,50,000. It is essential to note that the 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 Velalar Street Main?

The Sub Registrar Office covering Velalar Street Main 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 plays a crucial role in the registration process when buying or selling property in Adambakkam. It is used to determine the stamp duty and registration fees that must be paid during the transaction. Buyers and sellers must be aware that the guideline value is set by the government and can vary based on location and property type.

When a property is sold, the registration office uses the guideline value to calculate the applicable fees. This ensures that the transaction is recorded at a value that reflects the current market conditions as per the government's assessment.

Frequently asked questions

What is the current guideline value of Velalar Street Main?

The current guideline value of Velalar Street Main 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 636 per sq.ft in 2003 to Rs 5,000 per sq.ft in 2024, with various revisions occurring in between.

What is the land classification for Velalar Street Main?

Velalar Street Main is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where is the Alandur Sub Registrar Office located?

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

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 50,00,000, the stamp duty would be Rs 3,50,000 at a rate of 7%.