Guideline Value for Velan 2nd Street

Velan 2nd Street guideline value

The current guideline value of Velan 2nd Street is Rs 3,250 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the Virugambakkam SRO, and is classified as Residential Class V Type - I.

How the guideline value of Velan 2nd Street has changed

The guideline value for Velan 2nd Street has undergone several revisions over the years. In 2002, 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 saw a further increase of 26% to reach Rs 750 per sq.ft in 2007. By 2012, the guideline value was Rs 3,000 per sq.ft, reflecting a significant increase of 300% from the previous revision. However, it then decreased by 33% to Rs 2,010 per sq.ft in 2017.

In 2023, the guideline value rose to Rs 3,000 per sq.ft, and it has increased by 8% to the current value of Rs 3,250 per sq.ft in 2024. Overall, from 2002 to 2024, the guideline value has increased by 505%. There are no figures available for years not listed in the register 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 value of Rs 4,400 per sq.ft. The guideline value for Velan 2nd Street is below this median.

• 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)
• Vembuli Amman Koil Street (Gangaiamman Koil Street, S.No.158): Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Velan 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,250 per sq.ft, the total guideline value amounts to Rs 32,50,000. The stamp duty at 7% would be Rs 2,27,500, and the registration fee at 2% would be Rs 65,000, bringing the total to Rs 2,92,500. It is important to note that the 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 details.

Which Sub Registrar Office covers Velan 2nd Street?

The Sub Registrar Office that covers Velan 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

The guideline value is a critical factor when registering property transactions in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is recorded accurately and that the correct fees are paid to the authorities.

Frequently asked questions

What is the current guideline value of Velan 2nd Street?

The current guideline value of Velan 2nd Street is Rs 3,250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 537 per sq.ft in 2002 to Rs 3,250 per sq.ft in 2024, reflecting an overall increase of 505% over the years.

What is the land classification for Velan 2nd Street?

Velan 2nd Street is classified as Residential Class V Type - I.

Where can I find the Sub Registrar Office for Velan 2nd Street?

The Sub Registrar Office for Velan 2nd Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value incurs a total fee of Rs 2,92,500.