Guideline Value for Velan 3rd Street

Velan 3rd Street guideline value

The current guideline value of Velan 3rd 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 3rd Street has changed

The guideline value for Velan 3rd Street has seen several revisions over the years. In 2002, the value was Rs 537 per sq.ft, which increased to Rs 595 per sq.ft in 2003, marking an 11% rise. The value then rose by 26% to Rs 750 per sq.ft in 2007. Following this, there was a significant increase of 300%, bringing the value to Rs 3,000 per sq.ft in 2012. However, this figure dropped by 33% to Rs 2,010 per sq.ft in 2017. The value then surged by 49% to Rs 3,000 per sq.ft in 2023, before reaching the current rate of Rs 3,250 per sq.ft in 2024, which is an 8% increase from the previous year.

There are no figures available for the revisions of the years not mentioned 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 of Velan 3rd Street is below this median.

• Velan 2nd 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 3rd 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 duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velan 3rd Street?

The Sub Registrar Office that covers Velan 3rd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the government receives the appropriate stamp duty based on the guideline value or the sale price, whichever is higher.

When registering a property, buyers must consider the guideline value to calculate the stamp duty and registration fees accurately. This value is updated periodically to reflect changes in the real estate market, ensuring that property transactions are conducted fairly and transparently.

Frequently asked questions

What is the current guideline value of Velan 3rd Street?

The current guideline value of Velan 3rd 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 are the stamp duty and registration fees for properties in Velan 3rd Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 32,50,000, leading to a stamp duty of Rs 2,27,500 and a registration fee of Rs 65,000, totaling Rs 2,92,500.

Which Sub Registrar Office covers Velan 3rd Street?

The Virugambakkam Sub Registrar Office covers Velan 3rd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification of Velan 3rd Street?

Velan 3rd Street is classified as Residential Class V Type - I, which indicates its zoning for residential purposes.