Guideline Value for Velalar Street

Velalar Street guideline value

The current guideline value of Velalar Street in Vadakal village is Rs 300 per sq.ft, effective from the 2024 revision. This street falls under the Sriperumpudur SRO and is classified as Residential Class II Type - I.

How the guideline value of Velalar Street has changed

The guideline value for Velalar Street has seen several revisions over the years. The 2012 revision set the value at Rs 300 per sq.ft, which remained unchanged until the 2024 revision. The 2017 revision marked a significant increase to Rs 201 per sq.ft, a 49% rise from the previous figure. However, the guideline value has not changed between 2023 and 2024, remaining at Rs 300 per sq.ft. Notably, the register has no figures for the years 2002, 2003, and 2007.

Overall, comparing the 2012 revision to the 2024 revision, the guideline value has remained stable, showing a 0% change. The fluctuations between revisions highlight the varying land values over time, with the most notable increase occurring between 2017 and 2023.

Guideline values in Vadakal

In Vadakal, there are 31 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 800 per sq.ft. The median guideline value is Rs 300 per sq.ft, placing Velalar Street at this median value for 2024.

• Vasantham Nagar: Rs 750 per sq.ft (2024)
• V.G.P.Vinoth Town: Rs 200 per sq.ft (2024)
• V.G.P.Vinoth Town Part II: Rs 200 per sq.ft (2024)
• V.G.P. Vinoth Town Part III: Rs 200 per sq.ft (2024)
• Tristar City: Rs 150 per sq.ft (2024)
• Theruveedhiyamman Koil Street: Rs 150 per sq.ft (2024)

Stamp duty and registration fee for property in Velalar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 300 per sq.ft, the total guideline value amounts to Rs 3,00,000. The stamp duty is charged at 7%, totaling Rs 21,000, while the registration fee is 2%, amounting to Rs 6,000. Together, the total fees would be Rs 27,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velalar Street?

The Velalar Street falls under the jurisdiction of the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Vadakal. It serves as a benchmark for determining the stamp duty and registration fees payable to the government during the transaction.

When a property is sold, the buyer and seller must consider the guideline value to ensure that the correct fees are calculated. This value helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Velalar Street?

The current guideline value of Velalar Street is Rs 300 per sq.ft, effective from the 2024 revision.

How has the guideline value changed over the years?

The guideline value has remained at Rs 300 per sq.ft since 2012, with a notable increase to Rs 201 per sq.ft in 2017. The value has been stable from 2023 to 2024, showing no change.

What is the land classification of Velalar Street?

Velalar Street is classified as Residential Class II Type - I, indicating its intended use for residential purposes.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in Velalar Street is charged at 7% of the guideline value or sale price, whichever is higher. The registration fee is set at 2% of the guideline value.

Where is the Sriperumpudur Sub Registrar Office located?

The Sriperumpudur Sub Registrar Office is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.