Guideline Value for Velan Street

Velan Street guideline value

The current guideline value of Velan Street in Koyakbedu village, under the AnnaNagar SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - III land classification.

How the guideline value of Velan Street has changed

The guideline value of Velan Street has seen several revisions over the years. In 2007, the value was Rs 1,300 per sq.ft, which increased to Rs 3,000 per sq.ft in 2012. However, there was a decrease to Rs 2,010 per sq.ft in 2017. Following this, the value rose significantly to Rs 3,000 per sq.ft in 2023, and currently stands at Rs 3,300 per sq.ft from the 2024 revision. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

From 2007 to 2024, the guideline value has increased by 154%. The most notable changes include a 131% increase from 2007 to 2012, followed by a 33% decrease from 2012 to 2017, and a substantial 49% increase from 2017 to 2023. The latest revision from 2023 to 2024 reflects a 10% increase.

Guideline values in Koyakbedu

In Koyakbedu, there are 270 streets under the AnnaNagar SRO, with guideline values ranging from Rs 2,200 to Rs 16,500 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Velan Street's current guideline value below that median.

• Velan Nagar: Rs 4,400 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velan Street?

The Sub Registrar Office that covers Velan Street 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 assistance.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Koyakbedu. It determines the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair value, preventing undervaluation. Buyers and sellers must consider the guideline value when negotiating sale prices to comply with legal requirements during registration.

Frequently asked questions

What is the current guideline value of Velan Street?

The current guideline value of Velan Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,300 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting a total increase of 154% over the years.

What are the stamp duty and registration fees for properties on Velan Street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office covers Velan Street?

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

What is the land classification for Velan Street?

Velan Street falls under the Residential Class I Type - III land classification.