Guideline Value for Velan Nagar 4th Street

Velan Nagar 4th Street guideline value

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

The guideline value for Velan Nagar 4th Street has undergone several revisions over the years. In 2012, the guideline value was Rs 3,500 per sq.ft, which decreased to Rs 2,345 per sq.ft in 2017. However, from 2017 to 2023, the value saw a significant increase of 49%, bringing it up to Rs 3,500 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 3,850 per sq.ft, marking a 10% increase from the previous year.

There are no figures available for the years 2002, 2003, and 2007 in the register 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 for these streets is Rs 3,850 per sq.ft, which is equal to the 2024 figure for Velan Nagar 4th Street.

• Velan Nagar 4th Cross Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 5th Cross Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 5th Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 6th Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Velan Nagar 4th Street

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, bringing the total fees together to Rs 3,46,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velan Nagar 4th Street?

The Sub Registrar Office that covers Velan Nagar 4th Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit this link.

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

The guideline value is a crucial component during the registration process of property transactions in Valasaravakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value helps both parties understand the minimum value at which the property should be registered. This ensures transparency and compliance with local regulations, protecting the interests of both buyers and sellers.

Frequently asked questions

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

The current guideline value of Velan Nagar 4th 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 increased 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 4th Street?

Velan Nagar 4th Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

Is there a guideline value for the years 2002, 2003, and 2007?

The register has no figures for Velan Nagar 4th Street for the years 2002, 2003, and 2007.

Where can I find more information about stamp duty and registration fees?

You can find more information about stamp duty and registration fees using our stamp duty and registration fee calculator.