Guideline Value for Velan Nagar 6th Street

Velan Nagar 6th Street guideline value

The current guideline value of Velan Nagar 6th 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 6th Street has changed

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

There are no figures available for the revisions in 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 is Rs 3,850 per sq.ft, which matches the current value for Velan Nagar 6th Street.

• Velan Nagar 6th Cross Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 7th Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 5th Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 8th Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 5th Cross Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 9th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Velan Nagar 6th 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 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.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velan Nagar 6th Street?

The Velan Nagar 6th Street is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process for property transactions in Valasaravakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value serves as a reference point for both parties involved in the transaction. It is essential 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 6th Street?

The current guideline value of Velan Nagar 6th 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 seen several revisions, with the most recent being Rs 3,850 per sq.ft in 2024, up from Rs 3,500 per sq.ft in 2023, and Rs 2,345 per sq.ft in 2017.

What is the land classification for Velan Nagar 6th Street?

Velan Nagar 6th Street is classified as Residential Class II Type - I, which indicates its suitability for residential development.

Where can I find the Sub Registrar Office for Velan Nagar 6th Street?

The Sub Registrar Office covering Velan Nagar 6th Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in Velan Nagar 6th Street?

Stamp duty is calculated at 7% of 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.