Guideline Value for Velankanni Nagar

Velankanni Nagar guideline value

The current guideline value of Velankanni Nagar, located in Varadarajapuram village under the Padappai SRO, is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Velankanni Nagar has changed

The guideline value for Velankanni Nagar has seen significant changes over the years. In the 2007 revision, the value was Rs 120 per sq.ft, which surged to Rs 1,200 per sq.ft in 2012, marking a remarkable increase of 900%. However, it then decreased to Rs 804 per sq.ft in 2017, reflecting a decline of 33%. The value rose again to Rs 1,200 per sq.ft in 2023, and currently stands at Rs 1,320 per sq.ft from the 2024 revision, representing a 10% increase from the previous year. The register has no figures for the years 2002 and 2003 for this street.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 1000%. The revisions show a fluctuating trend, with the most recent value reflecting the ongoing adjustments in property assessments in the area.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 4,100 per sq.ft, with a median value of Rs 1,650 per sq.ft. Velankanni Nagar's 2024 figure is below this median.

• Velayudham Nagar: Rs 1,320 per sq.ft (2024)
• Vasantham Nagar S.Nos.539/1, 540/1a: Rs 880 per sq.ft (2024)
• Vasantham Nagar S.No.539/1: Rs 880 per sq.ft (2024)
• VasanthamNagar: Rs 1,650 per sq.ft (2024)
• Venkateshwara Nagar Extn: Rs 1,650 per sq.ft (2024)
• Vamanan Avenue: Rs 2,960 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 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total fees together to Rs 1,18,800. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Velankanni Nagar?

Velankanni Nagar falls under the jurisdiction of the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. To find your SRO, click here.

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

The guideline value is a critical factor during property transactions in Varadarajapuram. It is used to determine the stamp duty and registration fees applicable when buying or selling property. The guideline value ensures that the property is assessed fairly for taxation purposes, providing a basis for the fees payable to the government.

When a buyer or seller approaches the registration office, the guideline value helps in establishing the minimum value for the property. This value is essential for both parties to ensure compliance with legal requirements during the property transfer process.

Frequently asked questions

What is the current guideline value of Velankanni Nagar?

The current guideline value of Velankanni Nagar is Rs 1,320 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 120 per sq.ft in 2007 to Rs 1,320 per sq.ft in 2024, marking an overall increase of 1000%.

What is the land classification for Velankanni Nagar?

Velankanni Nagar is classified as Residential Class I Type - I.

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.

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

For a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400, and the registration fee would be Rs 26,400, totaling Rs 1,18,800.