Guideline Value for Velan Nagar 5th Street

Velan Nagar 5th Street guideline value

The current guideline value of Velan Nagar 5th 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 5th Street has changed

The guideline value for Velan Nagar 5th Street has undergone several revisions over the years. The earliest available figure is from 2012, which was Rs 3,500 per sq.ft. In 2017, this value decreased to Rs 2,345 per sq.ft, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly by 49% to reach Rs 3,500 per sq.ft. The most recent revision in 2024 has set the guideline value at Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that 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 that carry a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value is Rs 3,850 per sq.ft, which is the same as the guideline value for Velan Nagar 5th Street.

• Velan Nagar 5th Cross Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 6th Cross Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 6th Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 4th Cross Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 7th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Velan Nagar 5th 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 charges to Rs 3,46,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velan Nagar 5th Street?

The Sub Registrar Office that covers Velan Nagar 5th 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 during the registration of property transactions in Valasaravakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when a property is bought or sold.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in the real estate market. Buyers and sellers should be aware of the current guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Velan Nagar 5th Street?

The current guideline value of Velan Nagar 5th 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 2023 to Rs 3,850 per sq.ft in 2024, reflecting a 10% increase. It was Rs 2,345 per sq.ft in 2017 and Rs 3,500 per sq.ft in 2012.

What are the stamp duty and registration fees for a property in Velan Nagar 5th Street?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which Sub Registrar Office covers Velan Nagar 5th Street?

The Virugambakkam Sub Registrar Office covers Velan Nagar 5th Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Velan Nagar 5th Street?

The land classification for Velan Nagar 5th Street is Residential Class II Type - I.