Guideline Value for Velalar Street South Side Jeevan Nagar

Velalar Street South Side Jeevan Nagar guideline value

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

How the guideline value of Velalar Street South Side Jeevan Nagar has changed

The guideline value for this street has seen several revisions over the years. In 2002, the guideline value was Rs 472 per sq.ft. It increased to Rs 538 per sq.ft in 2003, followed by a rise to Rs 900 per sq.ft in 2007. The value then jumped significantly to Rs 4,500 per sq.ft in 2012 before dropping to Rs 3,015 per sq.ft in 2017. The 2023 revision brought it back up to Rs 4,500 per sq.ft, and as of July 2024, it stands at Rs 5,000 per sq.ft.

From 2017 to 2023, there was a 49% increase, while the jump from 2023 to 2024 is noted at 11%. The most significant change occurred between 2007 and 2012, with a 400% increase. Overall, from 2002 to 2024, the guideline value has increased by 959%. There are no figures available for revisions in years other than those listed.

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 Street South Side Jeevan Nagar is above this median.

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

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, bringing the total fees together to Rs 4,50,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velalar Street South Side Jeevan Nagar?

The Velalar Street South Side Jeevan Nagar is covered by 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 during property transactions in Adambakkam. It serves as a reference point for determining the stamp duty and registration fees that need to be paid when registering a property. Buyers and sellers must be aware of the current guideline value to ensure they comply with the legal requirements during the transaction.

When a property is sold, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Velalar Street South Side Jeevan Nagar?

The current guideline value of Velalar Street South Side Jeevan Nagar 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 over the years, starting from Rs 472 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, marking an overall increase of 959%.

What are the stamp duty rates for properties in Velalar Street South Side Jeevan Nagar?

The stamp duty rate for properties in Velalar Street South Side Jeevan Nagar is 7% of the guideline value or sale price, whichever is higher.

Which office handles property registrations for Velalar Street South Side Jeevan Nagar?

The Alandur Sub Registrar Office handles property registrations for Velalar Street South Side Jeevan Nagar, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the median guideline value for streets in Adambakkam?

The median guideline value for streets in Adambakkam is Rs 3,900 per sq.ft, with Velalar Street South Side Jeevan Nagar's value being above this median at Rs 5,000 per sq.ft.