Guideline Value for Velan Street

Velan Street guideline value

The current guideline value of Velan Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO, and falls under the Residential Class II Type - I land classification.

How the guideline value of Velan Street has changed

The guideline value of Velan Street has seen significant changes over the years. In the 2002 revision, the value was Rs 393 per sq.ft, which increased to Rs 428 per sq.ft in 2003. The next notable revision was in 2007, where the value surged to Rs 500 per sq.ft, marking a 17% increase from the previous year. The 2012 revision saw the value rise to Rs 3,500 per sq.ft, a substantial increase of 600% from 2007. However, in 2017, the value dropped to Rs 2,345 per sq.ft, reflecting a decrease of 33%. The 2023 revision brought the value back up to Rs 3,500 per sq.ft, and the most recent revision in 2024 set it at Rs 3,850 per sq.ft, representing a 10% increase from the previous year.

There are no figures available for the revisions in the years not listed, but the overall increase from 2002 to 2024 is a remarkable 880%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, which is the same as the guideline value for Velan Street.

• Velan Nagar Main Road: Rs 3,850 per sq.ft (2024)
• Velan Nagar 9th Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 8th Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 7th Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 6th Street: Rs 3,850 per sq.ft (2024)
• Velan Nagar 6th Cross Street: Rs 3,850 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 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. Therefore, the total cost for stamp duty and registration fee would be Rs 3,46,500. It is important to note that the 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 Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Valasaravakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid at the time of property transfer. Buyers should be aware that the guideline value is the minimum value on which these fees are calculated.

When a property is sold, the sale price must be equal to or greater than the guideline value. If the sale price is lower than the guideline value, the fees will still be based on the guideline value, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Velan Street?

The current guideline value of Velan Street is Rs 3,850 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 393 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 880%.

What is the land classification for Velan Street?

Velan Street is classified as Residential Class II Type - I.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total fees would be Rs 3,46,500.