Guideline Value for Velankanni Nagar

Velankanni Nagar guideline value

The current guideline value of Velankanni Nagar is Rs 770 per sq.ft, effective from 1 July 2024. This area is located in Manimangalam A village under the Padappai SRO, classified as Residential Class II Type - I.

How the guideline value of Velankanni Nagar has changed

The guideline value for Velankanni Nagar has undergone several revisions over the years. The earliest recorded figure is from 2017, which was Rs 469 per sq.ft. In 2023, this value increased to Rs 700 per sq.ft, marking a significant rise of 49%. The most recent revision in 2024 saw the guideline value further increase to Rs 770 per sq.ft, reflecting a 10% increase from the previous year.

There are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Manimangalam A

In Manimangalam A, there are 112 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 550 to Rs 2,500 per sq.ft. The median value for these streets is Rs 880 per sq.ft, placing Velankanni Nagar's 2024 figure below this median.

• Vaigundha Perumal Koil Street: Rs 880 per sq.ft (2024)
• Vignesh Avenue: Rs 770 per sq.ft (2024)
• Vijayalakshmi Nagar: Rs 770 per sq.ft (2024)
• Udhayam Nagar Extn: Rs 880 per sq.ft (2024)
• Udayam Nagar: Rs 880 per sq.ft (2024)
• Vinayaga Nagar Extn 1 to 5: Rs 880 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 770 per sq.ft, the total guideline value would be Rs 7,70,000. The stamp duty at 7% would amount to Rs 53,900, and the registration fee at 2% would be Rs 15,400, bringing the total fees together to Rs 69,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, 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 Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Manimangalam A. It serves as a benchmark for determining the stamp duty and registration fees that are applicable during the transaction.

When a property is sold, the guideline value is used to calculate the necessary fees, ensuring that both the buyer and seller are aware of the financial obligations involved. This process helps maintain transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of Velankanni Nagar?

The current guideline value of Velankanni Nagar is Rs 770 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

From 2023 to 2024, the guideline value increased by 10%, from Rs 700 per sq.ft to Rs 770 per sq.ft. Overall, from 2017 to 2024, the increase is 64%.

What is the land classification for Velankanni Nagar?

Velankanni Nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the registration office for Velankanni Nagar?

The registration office for Velankanni Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the stamp duty calculated for property in Velankanni Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 7,70,000, the stamp duty would be Rs 53,900 at a rate of 7%.