Guideline Value for Velan Nagar,

Velan Nagar, guideline value

The current guideline value of Velan Nagar is Rs 720 per sq.ft, effective from 1 July 2024. This area is located in Nandambakkam village and falls under the Padappai SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Velan Nagar has changed

The guideline value of Velan Nagar has seen several revisions over the years. In 2007, the value was Rs 75 per sq.ft, which increased significantly to Rs 650 per sq.ft in 2012. However, there was a decrease to Rs 435 per sq.ft in 2017. The value then rose to Rs 650 per sq.ft in 2023 before reaching the current figure of Rs 720 per sq.ft in 2024. The register has no figures for the years 2002 and 2003.

Between the revisions, there have been notable changes. From 2007 to 2012, the value increased by 767%, followed by a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and finally, there was an increase of 11% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has risen by 860%.

Guideline values in Nandambakkam

In Nandambakkam, there are 94 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 2,300 per sq.ft. The median value for these streets is Rs 880 per sq.ft, making Velan Nagar's current guideline value below that median.

• Venkatasubramaniya Nagar: Rs 770 per sq.ft (2024)
• Venkateswara Nagar: Rs 880 per sq.ft (2024)
• Venkateswara Nagar Annexe: Rs 880 per sq.ft (2024)
• Vetrimaran Nagar: Rs 670 per sq.ft (2024)
• Vigneswara Nagar: Rs 770 per sq.ft (2024)
• Vijayalakshmi Nagar: Rs 990 per sq.ft (2024)

Stamp duty and registration fee for property in Velan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 720 per sq.ft, the total guideline value would be Rs 7,20,000. The stamp duty at 7% would be Rs 50,400, and the registration fee at 2% would be Rs 14,400, totaling Rs 64,800. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Velan Nagar?

The Sub Registrar Office that covers Velan Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Nandambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable fees based on the higher amount between the guideline value and the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Velan Nagar?

The current guideline value of Velan Nagar is Rs 720 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 75 per sq.ft in 2007 to Rs 720 per sq.ft in 2024, showing an overall increase of 860% over this period.

What is the median guideline value in Nandambakkam?

The median guideline value in Nandambakkam is Rs 880 per sq.ft, while Velan Nagar's current value is below this median.

Where is the Sub Registrar Office for Velan Nagar located?

The Padappai Sub Registrar Office covering Velan Nagar is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated for properties in Velan Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For a property valued at Rs 7,20,000, the stamp duty would be Rs 50,400 at 7%.