Guideline Value for Velan Nagar 2nd Street

Velan Nagar 2nd Street guideline value

The current guideline value of Velan Nagar 2nd 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 is classified as Residential Class II Type - I.

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

In the 2012 revision, the guideline value was Rs 3,500 per sq.ft. This figure saw a decrease to Rs 2,345 per sq.ft in the 2017 revision, marking a drop of 33%. However, from 2017 to 2023, the value increased significantly to Rs 3,500 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 3,850 per sq.ft, which is a 10% increase from the previous year.

The register has no figure for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

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 in this area is Rs 3,850 per sq.ft, which is the same as the 2024 figure for Velan Nagar 2nd Street.

• Velan Nagar 2nd Main Road: Rs 3,850 per sq.ft (2024)
• Velan Nagar 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 4th Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Velan Nagar 2nd 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, bringing the total to 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velan Nagar 2nd Street?

The Sub Registrar Office that covers Velan Nagar 2nd 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 Valasaravakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Valasaravakkam. It is used to determine the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value ensures that the transaction reflects a fair assessment of the property's worth, which is essential for both buyers and sellers. This value is set by the government and is periodically revised to reflect changes in the real estate market.

Frequently asked questions

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

The current guideline value of Velan Nagar 2nd 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 from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, then back to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,850 per sq.ft in 2024.

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

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

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

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

How is stamp duty calculated for properties in Velan Nagar 2nd Street?

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