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Guideline Value

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Guideline Value for Velan Nagar 1st Main Road

₹3850/sq.ft.

The guideline value for Velan Nagar 1st Main Road in Valasaravakkam village (Virugambakkam SRO, Chennai zone) is Rs 3850 per sq.ft, effective 1 July 2024. The land classification is Residential Class Ii Type - I. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Valasaravakkam

Village

Virugambakkam

SRO

Residential Class II Type - I
History
Period Guideline Value
From 1-7-2024 ₹3850 /sq.ft.
From 1-4-2023 N/A
From 9-6-2017 To 31-3-2023 ₹2345 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹3500 /sq.ft.
From 1-8-2007 To 31-3-2012 ₹750 /sq.ft.
From 1-4-2003 To 31-7-2007 ₹419 /sq.ft.
From 1-4-2002 To 31-3-2003 ₹385 /sq.ft.
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037
044-23641794
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Velan Nagar 1st Main Road

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Velan Nagar 1st Main Road guideline value

The current guideline value of Velan Nagar 1st Main Road is Rs 3,850 per sq.ft, effective from 1 July 2024. This road is located in Valasaravakkam village and falls under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Velan Nagar 1st Main Road has changed

The guideline value for Velan Nagar 1st Main Road has undergone several revisions over the years. The earliest recorded figure is from 2002, which was Rs 385 per sq.ft. This increased to Rs 419 per sq.ft in 2003, marking a 9% rise. The value saw a significant jump to Rs 750 per sq.ft in 2007, representing a 79% increase. By 2012, the value reached Rs 3,500 per sq.ft, which was a remarkable 367% rise compared to 2007. However, in 2017, the value dropped to Rs 2,345 per sq.ft, reflecting a decrease of 33%. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, which is a 64% increase from the 2017 figure. Notably, there is no figure available for the year 2023 for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value is Rs 3,850 per sq.ft, which is the same as the current value for Velan Nagar 1st Main Road.

Stamp duty and registration fee for property in Velan Nagar 1st Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, making the total charges Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Velan Nagar 1st Main Road?

The Velan Nagar 1st Main Road falls under 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 Valasaravakkam

The guideline value plays a crucial role in the registration process for property transactions in Valasaravakkam. It serves as a benchmark for determining the stamp duty and registration fees payable at the time of purchase or sale. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations during property transactions.

When registering a property, the guideline value is compared against the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Velan Nagar 1st Main Road?

The current guideline value of Velan Nagar 1st Main Road is Rs 3,850 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 385 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 900% over the years.

What is the land classification for Velan Nagar 1st Main Road?

The land classification for Velan Nagar 1st Main Road is Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7%, while the registration fee is 2% of the guideline value or the sale price, whichever is higher. For a 1,000 sq.ft plot, the total charges amount to Rs 3,46,500.

Where can I find the Sub Registrar Office for Velan Nagar 1st Main Road?

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