Guideline Value for Velan 4th Street

Velan 4th Street guideline value

The current guideline value of Velan 4th 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 4th Street has changed

The guideline value for Velan 4th Street has seen several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 537 per sq.ft. This increased to Rs 595 per sq.ft in 2003, marking an 11% rise. In 2007, the value jumped significantly to Rs 750 per sq.ft, which was a 26% increase. The value rose dramatically again to Rs 3,000 per sq.ft in 2012, reflecting a 300% increase. However, it then decreased to Rs 2,010 per sq.ft in 2017, showing a decline of 33%. The value then increased to Rs 3,000 per sq.ft in 2023, followed by the current value of Rs 3,250 per sq.ft in 2024, which is an 8% increase.

Overall, from 2002 to 2024, the guideline value has increased by 505%. There are no figures available for revisions in years other than those listed.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, which means that Velan 4th Street's 2024 figure is below that median.

• Velan 3rd Street: Rs 3,250 per sq.ft (2024)
• Velan 2nd 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 4th Street

For a 1,000 sq.ft plot at the current rate of Rs 3,250 per sq.ft, the 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 or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velan 4th Street?

The Sub Registrar Office that covers Velan 4th 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 details.

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

The guideline value is an essential factor during property transactions in Virugambakkam. It is used to determine the stamp duty and registration fees applicable to the property being bought or sold. Buyers and sellers must be aware of the guideline value to ensure they are paying the correct fees during the registration process.

When a property is registered, the guideline value helps to establish a baseline for the transaction. This ensures that the government collects the appropriate taxes based on the established rates, which are periodically revised to reflect changes in the market.

Frequently asked questions

What is the current guideline value of Velan 4th Street?

The current guideline value of Velan 4th 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 significantly from Rs 537 per sq.ft in 2002 to Rs 3,250 per sq.ft in 2024, marking an overall increase of 505% over the years.

What is the land classification for Velan 4th Street?

Velan 4th Street is classified as Residential Class V Type - I under the guidelines of the Virugambakkam SRO.

What are the stamp duty and registration fees for properties in Velan 4th Street?

For a property valued at Rs 32,50,000, the stamp duty would be Rs 2,27,500 and the registration fee would be Rs 65,000, totaling Rs 2,92,500.

Where can I find the Sub Registrar Office for Velan 4th Street?

The Sub Registrar Office for Velan 4th Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.