Guideline Value for Velappan Nagar

Velappan Nagar guideline value

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

How the guideline value of Velappan Nagar has changed

Looking back at the revisions, the guideline value for Velappan Nagar was Rs 250 per sq.ft in both the 2023 and 2024 revisions, indicating no change between these years. Prior to that, in the 2017 revision, the value was Rs 167 per sq.ft, reflecting a 50% increase to reach the 2023 figure. The 2012 revision also had a guideline value of Rs 250 per sq.ft, which means there was a decrease of 33% from 2012 to 2017.

Overall, from the 2012 revision to the 2024 revision, the guideline value remains unchanged at Rs 250 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Sengadu

In Sengadu village, there are 24 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 101 to Rs 500 per sq.ft, with a median value of Rs 150 per sq.ft. Velappan Nagar's 2024 guideline value is above this median.

• Thideer Nagar: Rs 150 per sq.ft (2024)
• Sriperumpudur Chengalpattu Road: Rs 500 per sq.ft (2024)
• Shannmuga Nagar: Rs 200 per sq.ft (2024)
• Putru Koil Street: Rs 150 per sq.ft (2024)
• Puthumetu Street: Rs 150 per sq.ft (2024)
• Port Homes: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Velappan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 250 per sq.ft, the total guideline value amounts to Rs 2,50,000. The stamp duty at 7% would be Rs 17,500, and the registration fee at 2% would be Rs 5,000, resulting in a total of Rs 22,500. 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 Velappan Nagar?

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

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

The guideline value plays a crucial role in the registration process of property transactions in Sengadu. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the sale or purchase of property.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Velappan Nagar?

The current guideline value of Velappan 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 remained at Rs 250 per sq.ft from 2012 to 2024, with a 50% increase from Rs 167 per sq.ft in 2017 to Rs 250 per sq.ft in 2023. There were no figures for the years 2002, 2003, and 2007.

What is the land classification of Velappan Nagar?

Velappan Nagar is classified as Residential Special Type - I, indicating its designated use for residential purposes.

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

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the total fees would amount to Rs 22,500.

Where is the Sub Registrar Office for Velappan Nagar located?

The Sub Registrar Office for Velappan Nagar is located at 27, Chetty Street, Sriperumpudur-602 105, in the Chengalpattu registration zone.