Guideline Value for Velan Nagar

Velan Nagar guideline value

The current guideline value of Velan Nagar, located in Koyakbedu village under the AnnaNagar SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - II.

How the guideline value of Velan Nagar has changed

Over the years, the guideline value of Velan Nagar has seen significant changes. In the 2007 revision, the value was Rs 1,300 per sq.ft, which increased to Rs 4,000 per sq.ft in 2012. However, this figure decreased to Rs 2,680 per sq.ft in 2017. Following this, the value rose sharply to Rs 4,000 per sq.ft in 2023, and currently stands at Rs 4,400 per sq.ft from the 2024 revision. The register has no figure for the years 2002 and 2003.

From 2017 to 2023, there was a notable increase of 49%, and from 2023 to 2024, the guideline value rose by 10%. The overall increase from 2007 to 2024 is a substantial 238%, reflecting the evolving real estate landscape in the area.

Guideline values in Koyakbedu

Koyakbedu village has 270 streets under the AnnaNagar SRO, with a 2024 guideline value range from Rs 2,200 to Rs 16,500 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, which matches the current guideline value for Velan Nagar.

• Velan Street: Rs 3,300 per sq.ft (2024)
• Veena Garden: Rs 3,300 per sq.ft (2024)
• Vedha Nagar: Rs 4,400 per sq.ft (2024)
• Veda Nagar Ist Street: Rs 4,400 per sq.ft (2024)
• Veda Nagar IInd Street: Rs 4,400 per sq.ft (2024)
• Vasantha Sampath Garden: Rs 3,300 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 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, making the total cost Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velan Nagar?

The Sub Registrar Office that covers Velan Nagar is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Koyakbedu. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a buyer and seller agree on a sale price, the higher of the sale price or the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures transparency and compliance with local regulations during property transactions.

Frequently asked questions

What is the current guideline value of Velan Nagar?

The current guideline value of Velan Nagar is Rs 4,400 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 1,300 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, with various revisions in between, including a notable increase of 10% from 2023 to 2024.

What are the other streets in Koyakbedu with their guideline values?

Other streets in Koyakbedu include Velan Street and Veena Garden, both at Rs 3,300 per sq.ft, and several streets like Vedha Nagar, Veda Nagar Ist Street, and Veda Nagar IInd Street, all at Rs 4,400 per sq.ft.

What are the stamp duty and registration fees for property in Velan Nagar?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which Sub Registrar Office covers Velan Nagar?

The AnnaNagar Sub Registrar Office covers Velan Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.