Guideline Value for Velan Nagar 2nd Cross Street

Velan Nagar 2nd Cross Street guideline value

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

How the guideline value of Velan Nagar 2nd Cross Street has changed

The guideline value for Velan Nagar 2nd Cross Street has undergone several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 367 per sq.ft. This increased to Rs 399 per sq.ft in 2003, marking a 9% rise. The value saw a significant jump to Rs 750 per sq.ft in 2007, which was an 88% increase. However, it then decreased to Rs 3,500 per sq.ft in 2012, reflecting a decline of 33%. The value rose again to Rs 2,345 per sq.ft in 2017, an increase of 49%, and then further increased to Rs 3,500 per sq.ft in 2023, before reaching the current value of Rs 3,850 per sq.ft in 2024, which is a 10% increase from the previous year.

It is important to note that there are no recorded figures for the years not mentioned in this timeline. The overall change from 2002 to 2024 shows a remarkable increase of 949% in the guideline value for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values 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 equal to the current value of Velan Nagar 2nd Cross Street.

• Velan Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 2nd Main Road: Rs 3,850 per sq.ft (2024)
• Velan Nagar 1st Main Road: Rs 3,850 per sq.ft (2024)
• Velan Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 3rd Cross Street: Rs 3,850 per sq.ft (2024)

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

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. Together, the total cost for stamp duty and registration would be 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.

To calculate your own fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velan Nagar 2nd Cross Street?

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

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

The guideline value is a crucial factor when it comes to the registration of property transactions in Valasaravakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must ensure that the sale price is either equal to or higher than the guideline value to comply with registration requirements.

When registering a property, the guideline value also influences the stamp duty and registration fees that need to be paid. It is essential for both parties in a transaction to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of Velan Nagar 2nd Cross Street 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 367 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 949% over the years.

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

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot, the total cost for stamp duty and registration would be Rs 3,46,500.

Which office handles property registration for Velan Nagar 2nd Cross Street?

The Virugambakkam Sub Registrar Office handles property registration for Velan Nagar 2nd Cross Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Velan Nagar 2nd Cross Street?

Velan Nagar 2nd Cross Street falls under the Residential Class II Type - I land classification.