Guideline Value for Velan Nagar 8th Street

Velan Nagar 8th Street guideline value

The current guideline value of Velan Nagar 8th Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Velan Nagar 8th Street has changed

Over the years, the guideline value of Velan Nagar 8th Street has seen several revisions. The earliest recorded figure is from 2012, which was Rs 3,500 per sq.ft. This figure remained until the next revision in 2017, where it decreased to Rs 2,345 per sq.ft. Following this, the value increased significantly to Rs 3,500 per sq.ft in 2023. The most recent revision in 2024 has set the guideline value at Rs 3,850 per sq.ft, marking a 10% increase from the previous year.

In summary, the changes between the revisions are as follows: from 2012 to 2017, the value decreased by 33%; from 2017 to 2023, it increased by 49%; and from 2023 to 2024, it rose by 10%. There are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO that have a 2024 guideline value 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 8th Street.

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

Stamp duty and registration fee for property in Velan Nagar 8th 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. Note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Velan Nagar 8th Street?

The Sub Registrar Office that covers Velan Nagar 8th 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 details.

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

The guideline value is crucial during property transactions in Valasaravakkam as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that need to be paid at the time of registration.

When buying or selling property, it is essential to be aware of the current guideline value, as it may affect the overall cost of the transaction. Buyers should ensure that they are prepared for the associated fees based on this value to avoid any surprises during the registration process.

Frequently asked questions

What is the current guideline value of Velan Nagar 8th Street?

The current guideline value of Velan Nagar 8th 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 8th Street?

The land classification for Velan Nagar 8th Street is Residential Class II Type - I.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in this area is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.