Guideline Value for Velan Nagar

Velan Nagar guideline value

The current guideline value of Velan Nagar is Rs 1,540 per sq.ft, effective from 1 July 2024. This area is located in Kunrathour-B village under the Kunrathur SRO and is classified as Residential Special Type - I.

How the guideline value of Velan Nagar has changed

The guideline value for Velan Nagar has seen significant changes over the years. The 2017 revision recorded a value of Rs 938 per sq.ft, which increased to Rs 1,400 per sq.ft in the 2023 revision. The most recent 2024 revision has raised this value to Rs 1,540 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street. The increase from 2017 to 2023 was 49%, reflecting a substantial rise in the guideline value over that period.

Guideline values in Kunrathour-B

In Kunrathour-B, there are 325 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 660 to Rs 5,130 per sq.ft. The median value is Rs 1,540 per sq.ft, which is the same as the guideline value for Velan Nagar.

• Velmurugan Nagar: Rs 1,540 per sq.ft (2024)
• Vel Nagar / Extension: Rs 2,090 per sq.ft (2024)
• Varsha Nagar Annexe: Rs 1,540 per sq.ft (2024)
• Varsha Nagar: Rs 1,540 per sq.ft (2024)
• Vannia Street: Rs 1,540 per sq.ft (2024)
• Ventasubramaniyan Nagar: Rs 1,540 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 1,540 per sq.ft, the total guideline value amounts to Rs 15,40,000. The stamp duty at 7% would be Rs 1,07,800, and the registration fee at 2% would be Rs 30,800, bringing the total to Rs 1,38,600. Duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velan Nagar?

Velan Nagar falls under the jurisdiction of the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Kunrathour-B

The guideline value is a crucial factor when it comes to the registration of property transactions in Kunrathour-B. 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 buying or selling property, the guideline value is used to assess the applicable duties and fees. Buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Velan Nagar?

The current guideline value of Velan Nagar is Rs 1,540 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 938 per sq.ft to Rs 1,540 per sq.ft in 2024, representing a total increase of 64% over this period.

What is the land classification of Velan Nagar?

Velan Nagar is classified as Residential Special Type - I, which indicates its suitability for residential development.

Where can I find the Kunrathur Sub Registrar Office?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is stamp duty calculated for properties in Velan Nagar?

Stamp duty for properties in Velan Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.