Guideline Value for Velan Nagar

Velan Nagar guideline value

The current guideline value of Velan Nagar, located in Adhanoor village, is Rs 1,000 per sq.ft, effective from 1 July 2024. This area falls under the Gooduvancheri SRO and is classified as Residential Special Type - I.

How the guideline value of Velan Nagar has changed

Over the years, the guideline value for Velan Nagar has seen several revisions. The earliest recorded figure is from 2007, where the value was Rs 200 per sq.ft. This increased to Rs 1,000 per sq.ft in 2012, marking a significant rise of 400%. However, in 2017, the value decreased to Rs 670 per sq.ft, a drop of 33%. The 2023 revision maintained the value at Rs 1,000 per sq.ft, and the latest revision in 2024 also holds the same value, resulting in no change from the previous year.

In summary, from the 2007 figure of Rs 200 per sq.ft to the current 2024 value of Rs 1,000 per sq.ft, there has been an overall increase of 400%. The revisions for the years 2002 and 2003 have no recorded figures for this street.

Guideline values in Adhanoor

In Adhanoor, there are 169 streets under the Gooduvancheri SRO that carry a 2024 guideline value, ranging from Rs 670 to Rs 3,000 per sq.ft. The median value for these streets is Rs 1,000 per sq.ft, which is equal to the guideline value of Velan Nagar.

• Vedachalam Nagar: Rs 1,000 per sq.ft (2024)
• Vatchala Garden Phase -II: Rs 1,000 per sq.ft (2024)
• Vatchala Garden II: Rs 1,000 per sq.ft (2024)
• Vatchala Garden: Rs 1,000 per sq.ft (2024)
• Venkatesh Nagar: Rs 1,000 per sq.ft (2024)
• Vasudevan Nagar: Rs 1,000 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 1,000 per sq.ft, the total guideline value would be Rs 10,00,000. The stamp duty at 7% would amount to Rs 70,000, and the registration fee at 2% would be Rs 20,000, totaling Rs 90,000. 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?

The Sub Registrar Office that covers Velan Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor during property transactions in Adhanoor. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value serves as a benchmark for calculating these fees. Buyers should be aware that the stamp duty is applied to either the guideline value or the sale price, whichever is higher, making it crucial to understand the current guideline values in the area.

Frequently asked questions

What is the current guideline value of Velan Nagar?

The current guideline value of Velan Nagar is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 1,000 per sq.ft in 2012, then decreased to Rs 670 per sq.ft in 2017, and has remained at Rs 1,000 per sq.ft in 2023 and 2024.

What are the other streets in Adhanoor with the same guideline value?

Other streets in Adhanoor with the same guideline value of Rs 1,000 per sq.ft include Vedachalam Nagar, Vatchala Garden Phase -II, Vatchala Garden II, Vatchala Garden, Venkatesh Nagar, and Vasudevan Nagar.

What is the registration fee for property in Velan Nagar?

The registration fee for property in Velan Nagar is calculated based on the guideline value. For example, for a plot valued at Rs 10,00,000, the registration fee at 2% would be Rs 20,000.

Which office handles property registrations in Velan Nagar?

The Gooduvancheri Sub Registrar Office handles property registrations in Velan Nagar, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.