Guideline Value for Velankanni Nagar

Velankanni Nagar guideline value

The current guideline value of Velankanni Nagar is Rs 250 per sq.ft, effective from 1 July 2024. This area is located in Tharavoor village and falls under the Sriperumpudur SRO, classified as Residential Class III Type - I.

How the guideline value of Velankanni Nagar has changed

Over the years, the guideline value for Velankanni Nagar has seen several revisions. The earliest recorded figure is from 2007, where the value was Rs 100 per sq.ft. This increased to Rs 250 per sq.ft in 2012, marking a significant rise of 150%. However, in 2017, the value dropped to Rs 167 per sq.ft, a decrease of 33%. Following this, the value remained steady at Rs 250 per sq.ft in both the 2023 and 2024 revisions, indicating no change between these two years.

In summary, from 2017 to 2023, the guideline value increased by 50%. Overall, from 2007 to 2024, the guideline value has increased by 150%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Tharavoor

In Tharavoor village, there are six streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 250 to Rs 400 per sq.ft. The median value for these streets is Rs 400 per sq.ft, making Velankanni Nagar's current value below that median.

• Ranjitham Nagar: Rs 400 per sq.ft (2024)
• Orient Nagar: Rs 250 per sq.ft (2024)
• Gurusakthi Nagar: Rs 400 per sq.ft (2024)
• Chelliamman Nagar: Rs 400 per sq.ft (2024)
• Bhavani Nagar: Rs 400 per sq.ft (2024)

Stamp duty and registration fee for property in Velankanni Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 250 per sq.ft, the total guideline value comes to Rs 2,50,000. The stamp duty at 7% amounts to Rs 17,500, and the registration fee at 2% is Rs 5,000, leading to a total of Rs 22,500. It is important to note that 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 Velankanni Nagar?

The Sub Registrar Office that covers Velankanni Nagar is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Tharavoor. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the government.

When a property transaction occurs, the guideline value is used to determine the applicable duties, which are charged on the higher of the guideline value or the sale price. This ensures that the registration process is fair and consistent across the board.

Frequently asked questions

What is the current guideline value of Velankanni Nagar?

The current guideline value of Velankanni Nagar is Rs 250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 100 per sq.ft in 2007 to Rs 250 per sq.ft in 2012, then decreased to Rs 167 per sq.ft in 2017, and has remained at Rs 250 per sq.ft since 2023.

What is the median guideline value in Tharavoor?

The median guideline value for streets in Tharavoor is Rs 400 per sq.ft, with Velankanni Nagar's value being below this median.

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

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 2,50,000, the total fees would amount to Rs 22,500.

Which office handles property registration for Velankanni Nagar?

The Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone, handles property registration for Velankanni Nagar.