Guideline Value for Velappa Nagar

Velappa Nagar guideline value

The current guideline value of Velappa Nagar in Noombal village under the Kunrathur SRO is Rs 2,090 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Velappa Nagar has changed

The guideline value of Velappa Nagar has seen significant changes over the years. In the 2003 revision, the guideline value was Rs 153 per sq.ft. This increased to Rs 1,273 per sq.ft in the 2017 revision, marking a substantial rise of 732%. The 2023 revision set the value at Rs 1,900 per sq.ft, which was a 49% increase from the previous figure. The latest revision in 2024 has further increased the guideline value to Rs 2,090 per sq.ft, reflecting a 10% rise from 2023.

It is important to note that there are no figures available for the revisions in the years 2002, 2007, and 2012 for Velappa Nagar. Overall, from 2003 to 2024, the guideline value has increased by 1266%.

Guideline values in Noombal

Noombal village features a total of 164 streets under the Kunrathur SRO, with the 2024 guideline values ranging from Rs 1,100 to Rs 6,500 per sq.ft. The median guideline value for these streets is Rs 2,090 per sq.ft, which is the same as the guideline value for Velappa Nagar.

• Velappanchavadi Poovai High Road: Rs 4,290 per sq.ft (2024)
• Velappan Nagar: Rs 2,090 per sq.ft (2024)
• Vellalar Street: Rs 2,090 per sq.ft (2024)
• Venkada Samy Nagar: Rs 2,090 per sq.ft (2024)
• Venkatraman Nagar: Rs 2,090 per sq.ft (2024)
• T.V.K. Nagar Sangavathy Ammal Avenue: Rs 2,090 per sq.ft (2024)

Stamp duty and registration fee for property in Velappa Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,090 per sq.ft, the total guideline value amounts to Rs 20,90,000. The stamp duty at 7% would be Rs 1,46,300, and the registration fee at 2% would be Rs 41,800, bringing the total cost for these fees to Rs 1,88,100. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velappa Nagar?

Velappa Nagar is covered by the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Noombal, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duty are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, the buyer is required to pay stamp duty and registration fees based on the guideline value. This ensures that the government receives revenue from property transactions, which is essential for various public services.

Frequently asked questions

What is the current guideline value of Velappa Nagar?

The current guideline value of Velappa Nagar is Rs 2,090 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2003, the guideline value has increased from Rs 153 per sq.ft to Rs 2,090 per sq.ft in 2024, marking an overall increase of 1266%.

What is the land classification for Velappa Nagar?

Velappa Nagar is classified as Residential Special Type - I, which indicates its suitability for residential development.

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

For a property valued at Rs 20,90,000, the stamp duty is Rs 1,46,300 and the registration fee is Rs 41,800, totaling Rs 1,88,100.

Where can I find the Sub Registrar Office for Velappa Nagar?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069, and it covers Velappa Nagar.