Guideline Value for Velalar Street

Velalar Street guideline value

The current guideline value of Velalar Street in Vadakal_B village, under the Sriperumpudur SRO, is Rs 300 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - I.

How the guideline value of Velalar Street has changed

In the 2017 revision, the guideline value for Velalar Street was Rs 201 per sq.ft. This figure remained unchanged at Rs 300 per sq.ft in the 2023 revision and continued to be Rs 300 per sq.ft in the 2024 revision, indicating a 49% increase from 2017 to 2023 and an overall increase of 49% from 2017 to 2024. The register has no figure for this street in the revisions of 2002, 2003, 2007, and 2012.

From 2023 to 2024, there was no change in the guideline value, maintaining the rate at Rs 300 per sq.ft. This consistency reflects the current valuation trends for this street within the context of the broader residential classification.

Guideline values in Vadakal_B

In Vadakal_B, there are 34 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 1,900 per sq.ft, with the median value being Rs 300 per sq.ft. Velalar Street's 2024 figure is equal to this median value.

• 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 would be Rs 3,00,000. The stamp duty at 7% would amount to Rs 21,000, and the registration fee at 2% would be Rs 6,000, bringing the total fees together to Rs 27,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Velalar Street?

The Sub Registrar Office that covers Velalar Street is 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_B

The guideline value plays a crucial role in the registration process of property transactions in Vadakal_B. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which can affect the overall cost of the transaction.

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 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Velalar Street has seen a 49% increase from Rs 201 per sq.ft in 2017 to Rs 300 per sq.ft in 2023 and 2024. There were no figures available for the revisions in 2002, 2003, 2007, and 2012.

What is the classification of Velalar Street?

Velalar Street is classified as Residential Class II Type - I, which indicates its designation for residential purposes.

How is the stamp duty calculated for properties on Velalar Street?

Stamp duty for properties on Velalar Street is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a stamp duty of Rs 21,000.

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

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