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Guideline Value

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Guideline Value for Velan Nagar 2nd Main Road

₹3850/sq.ft.

The guideline value for Velan Nagar 2nd Main Road in Valasaravakkam village (Virugambakkam SRO, Chennai zone) is Rs 3850 per sq.ft, effective 1 July 2024. It was Rs 3500 per sq.ft from 1 April 2023, a 10% change. 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 ₹3500 /sq.ft.
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 2nd Main Road

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Velan Nagar 2nd Main Road guideline value

The current guideline value of Velan Nagar 2nd Main Road is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Velan Nagar 2nd Main Road has changed

The guideline value for Velan Nagar 2nd 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. In 2007, the value saw a significant jump to Rs 750 per sq.ft, reflecting a 79% increase. The 2012 revision brought the value up to Rs 3,500 per sq.ft, a substantial increase of 367%. However, in 2017, the value dropped to Rs 2,345 per sq.ft, indicating a decline of 33%. The guideline value then rose again to Rs 3,500 per sq.ft in 2023, before reaching the current figure of Rs 3,850 per sq.ft in 2024, which is a 10% increase from the previous year.

Throughout these revisions, there are no figures available for the years not mentioned in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 900%.

Guideline values in Valasaravakkam

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

Stamp duty and registration fee for property in Velan Nagar 2nd 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 would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Velan Nagar 2nd Main Road?

The Sub Registrar Office that covers Velan Nagar 2nd Main Road 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 Valasaravakkam

The guideline value plays a crucial role in the registration of property transactions in Valasaravakkam. It serves as a benchmark for determining the stamp duty and registration fees that are payable when buying or selling property. The authorities use this value to ensure that the transaction is recorded accurately and that the appropriate taxes are collected.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that the government receives the correct amount of revenue from property transactions, reflecting the value of the property in the current market.

Frequently asked questions

What is the current guideline value of Velan Nagar 2nd Main Road?

The current guideline value of Velan Nagar 2nd 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 from Rs 385 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 900%.

What is the land classification for Velan Nagar 2nd Main Road?

Velan Nagar 2nd Main Road is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for Velan Nagar 2nd Main Road?

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

How is the stamp duty calculated for properties in Velan Nagar 2nd Main Road?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 at 7%.