Guideline Value for Velan Nagar 9th Street

Velan Nagar 9th Street guideline value

The current guideline value of Velan Nagar 9th 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 9th Street has changed

The guideline value for Velan Nagar 9th Street has undergone several revisions over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which was followed by a decrease to Rs 2,345 per sq.ft in the 2017 revision. 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 further increased the value to Rs 3,850 per sq.ft, marking a 10% rise 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 seen a 10% increase.

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 value is Rs 3,850 per sq.ft, which is the same as the current guideline value for Velan Nagar 9th Street.

• Velan Nagar 8th Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 7th 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 Main Road: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Velan Nagar 9th 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 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 the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velan Nagar 9th Street?

The Sub Registrar Office that covers Velan Nagar 9th 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 further assistance.

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

The guideline value is a crucial factor when buying or selling property in Valasaravakkam. It serves as a benchmark for determining the minimum value at which the property can be registered. This ensures that the transaction is recorded at a value that reflects the prevailing market conditions.

When you approach the registration office, the guideline value will be used to calculate the applicable stamp duty and registration fees. This helps in maintaining transparency and fairness in property transactions, as it prevents undervaluation of properties during registration.

Frequently asked questions

What is the current guideline value of Velan Nagar 9th Street?

The current guideline value of Velan Nagar 9th 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, marking a 10% increase. It was Rs 2,345 per sq.ft in 2017 and Rs 3,500 per sq.ft in 2012.

What is the land classification of Velan Nagar 9th Street?

Velan Nagar 9th Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where is the Virugambakkam Sub Registrar Office located?

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

How is stamp duty calculated for properties in Velan Nagar 9th Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 2,69,500.