Guideline Value for Velan 1st Street

Velan 1st Street guideline value

The current guideline value for Velan 1st Street, located in Virugambakkam village under the Virugambakkam SRO, is not published. The last notified rate was Rs 3,000 per sq.ft during the 2012 revision.

How the guideline value of Velan 1st Street has changed

The guideline value of Velan 1st Street has undergone several revisions over the years. In the 2002 revision, the guideline value was Rs 537 per sq.ft. This increased to Rs 595 per sq.ft in 2003, marking an 11% rise. The value then saw a significant jump to Rs 750 per sq.ft in 2007, which was a 26% increase from the previous figure. The most notable change occurred in the 2012 revision, where the guideline value reached Rs 3,000 per sq.ft, reflecting a 300% increase from 2007. Overall, from 2002 to 2012, the guideline value increased by 459%.

The register has no figures for the years 2017, 2023, and 2024 for this street.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median of Rs 4,400 per sq.ft. Velan 1st Street's last notified value of Rs 3,000 per sq.ft is below the median.

• Velan 2nd Street: Rs 3,250 per sq.ft (2024)
• Velan 3rd Street: Rs 3,250 per sq.ft (2024)
• Velan 4th Street: Rs 3,250 per sq.ft (2024)
• Vembuli Amman 1st New Cross Street: Rs 7,700 per sq.ft (2024)
• Vembuli Amman Koil 1st Cross Street: Rs 7,700 per sq.ft (2024)
• Vembuli Amman Koil Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Velan 1st Street

There is no current rate for Velan 1st Street to provide a worked example. Stamp duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Velan 1st Street?

Velan 1st Street is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for further assistance.

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

The guideline value is an important factor during property registration in Virugambakkam. It serves as a reference point for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees. These fees are based on the higher of the guideline value or the actual sale price, ensuring that the transaction is recorded accurately in the official registers.

Frequently asked questions

What is the current guideline value for Velan 1st Street?

The current guideline value for Velan 1st Street is not published. The last notified rate was Rs 3,000 per sq.ft during the 2012 revision.

How has the guideline value changed over the years?

The guideline value has changed from Rs 537 per sq.ft in 2002 to Rs 3,000 per sq.ft in 2012, with significant increases observed in each revision. The register has no figures for the years 2017, 2023, and 2024.

What are the guideline values for other streets in Virugambakkam?

Other streets in Virugambakkam have varying guideline values. For instance, Velan 2nd, 3rd, and 4th Streets have a guideline value of Rs 3,250 per sq.ft, while Vembuli Amman 1st New Cross Street and its related streets are valued at Rs 7,700 per sq.ft.

Where can I find the Sub Registrar Office for Velan 1st Street?

The Virugambakkam Sub Registrar Office covers Velan 1st Street and is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Velan 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. This ensures that the appropriate fees are collected during the registration process.