Guideline Value for Velan Nagar

Velan Nagar guideline value

The current guideline value of Velan Nagar, located in Perungavur village, is Rs 220 per sq.ft, effective from 1 July 2024. This area falls under the Redhills Sub Registrar Office (SRO) and is classified as Residential Class III Type - I.

How the guideline value of Velan Nagar has changed

The guideline value for Velan Nagar has seen several revisions over the years. In 2003, the value was Rs 12 per sq.ft, which increased significantly to Rs 100 per sq.ft in 2007. Following this, the value rose to Rs 200 per sq.ft in 2012, then decreased to Rs 134 per sq.ft in 2017. The 2023 revision set the value at Rs 200 per sq.ft, and the latest revision in 2024 increased it to Rs 220 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 1,733%. The register does not contain figures for the year 2002 for this street.

Guideline values in Perungavur

In Perungavur, there are 79 streets under the Redhills SRO, with guideline values ranging from Rs 220 to Rs 1,500 per sq.ft. The median value for these streets is Rs 275 per sq.ft, placing Velan Nagar's 2024 figure below that median.

• Velan Nagar Annex: Rs 220 per sq.ft (2024)
• Velan Nagar Annex I: Rs 220 per sq.ft (2024)
• Velavan Nagar: Rs 385 per sq.ft (2024)
• Vekkali Amman Nagar: Rs 220 per sq.ft (2024)
• Vasugi Nagar: Rs 275 per sq.ft (2024)
• Vaideki Nagar: Rs 220 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 220 per sq.ft, the total guideline value amounts to Rs 2,20,000. The stamp duty at 7% would be Rs 15,400, and the registration fee at 2% would be Rs 4,400, bringing the total fees to Rs 19,800. 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 the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velan Nagar?

The Sub Registrar Office that covers Velan Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

When buying or selling property in Perungavur, the guideline value plays a crucial role in determining the registration fees and stamp duties. The guideline value is used to assess the amount payable for these fees, ensuring that the transaction is recorded accurately in the official register.

It is essential for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of property transactions. This value is updated periodically, reflecting changes in the real estate market and local regulations.

Frequently asked questions

What is the current guideline value of Velan Nagar?

The current guideline value of Velan Nagar is Rs 220 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 12 per sq.ft in 2003 to Rs 220 per sq.ft in 2024, showing a significant increase over the years.

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, with a rate of 2% applicable on the total guideline value of the property.

Where is the Redhills Sub Registrar Office located?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated in Velan Nagar?

The stamp duty in Velan Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher, and is an important cost to consider when purchasing property.