Guideline Value for Velappan Cross Street

Velappan Cross Street guideline value

The current guideline value of Velappan Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Class I Type - II.

How the guideline value of Velappan Cross Street has changed

The guideline value for Velappan Cross Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was a decrease of 33% from the previous revision in 2017, where the value was Rs 1,675 per sq.ft. The 2023 revision increased the value to Rs 2,500 per sq.ft, and the most recent 2024 revision raised it further to Rs 2,750 per sq.ft, reflecting a 10% increase from the 2023 figure.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 1,650 per sq.ft, placing Velappan Cross Street's 2024 figure above that median.

• Velappan Street: Rs 3,850 per sq.ft (2024)
• Veeravanji Street: Rs 1,650 per sq.ft (2024)
• Veerapandia Kattapomman Street: Rs 2,750 per sq.ft (2024)
• Venkadeshwaralu Street: Rs 1,100 per sq.ft (2024)
• Vedandam Street: Rs 2,750 per sq.ft (2024)
• Vedandam Colony Main Road: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Velappan Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty, charged at 7%, would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, these fees would total Rs 2,47,500. 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 Velappan Cross Street?

The Velappan Cross Street is covered by the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Chitlapakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is used to calculate the fees, ensuring that the appropriate amounts are paid based on the established rates. This process ensures transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Velappan Cross Street?

The current guideline value of Velappan Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 10% over this period.

What are the other streets with guideline values in Chitlapakkam?

Other streets in Chitlapakkam include Velappan Street at Rs 3,850 per sq.ft, Veeravanji Street at Rs 1,650 per sq.ft, and several others, with values ranging from Rs 1,100 to Rs 8,800 per sq.ft.

What is the registration fee for properties in Velappan Cross Street?

The registration fee for properties in Velappan Cross Street is calculated based on the guideline value, which is currently Rs 2,750 per sq.ft. The fee is typically 2% of the guideline value.

Where can I find the Sub Registrar Office for Velappan Cross Street?

The Sub Registrar Office covering Velappan Cross Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.