Guideline Value for Velalar Street

Velalar Street guideline value

The current guideline value of Velalar Street is Rs 300 per sq.ft, effective from 1 July 2024. This street is located in Vadakal_C village and falls under the Sriperumpudur SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Velalar Street has changed

In the 2017 revision, the guideline value was set at Rs 201 per sq.ft. This figure remained unchanged in the 2023 revision, which also recorded Rs 300 per sq.ft. Notably, the 2024 revision has also maintained the guideline value at Rs 300 per sq.ft, indicating no change from the previous year. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

From 2017 to 2023, there was a significant increase of 49%. Overall, from 2017 to 2024, the guideline value has seen an increase of 49% as well, maintaining the same rate since 2023.

Guideline values in Vadakal_C

In Vadakal_C, there are 61 streets under the Sriperumpudur SRO that have a 2024 guideline value ranging from Rs 150 to Rs 1,500 per sq.ft. The median guideline value for these streets is Rs 400 per sq.ft, placing Velalar Street's 2024 figure below this median.

• Vasantham Nature City (Sri Aurobindo Nagar): Rs 400 per sq.ft (2024)
• Vasantham Nagar: Rs 750 per sq.ft (2024)
• Vasantham Gardens: Rs 400 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)

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, charged at 7%, would be Rs 21,000, while the registration fee at 2% would be Rs 6,000. Together, the total cost for these 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. You can use the stamp duty and registration fee calculator for more details.

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 information.

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

The guideline value plays a crucial role during the registration of property transactions in Vadakal_C. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property in this area.

When a property is sold, the guideline value serves as a benchmark for calculating these fees. Buyers should be aware that the fees are based on the higher value between the guideline and the sale price, ensuring that the correct amount is paid to the authorities.

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 of Velalar Street has remained at Rs 300 per sq.ft from 2023 to 2024, showing no change. However, it increased by 49% from Rs 201 per sq.ft in 2017 to Rs 300 per sq.ft in 2023.

What is the land classification for Velalar Street?

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

What are the stamp duty and registration fees for property in Velalar Street?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 3,00,000, the total fees would amount to Rs 27,000.

Which office handles registrations for Velalar Street?

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