Guideline Value for Velappan Nagar

Velappan Nagar guideline value

The current guideline value of Velappan Nagar is Rs 2,090 per sq.ft, effective from 1 July 2024. This area is located in Noombal village under the Kunrathur SRO, classified as Residential Special Type - I.

How the guideline value of Velappan Nagar has changed

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

There are no figures available for the years 2002, 2007, and 2012 for this street. Overall, from 2003 to 2024, the guideline value has increased by 1266%.

Guideline values in Noombal

Noombal village has 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 value is Rs 2,090 per sq.ft, which is the same as the guideline value for Velappan Nagar.

• Velappanchavadi Poovai High Road: Rs 4,290 per sq.ft (2024)
• Velappa 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 Velappan 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, making the total cost Rs 1,88,100. 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 more details.

Which Sub Registrar Office covers Velappan Nagar?

Velappan Nagar falls under 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 plays a crucial role in property transactions in Noombal. It is used to determine the stamp duty and registration fees when buying or selling property. The guideline value ensures that the government receives appropriate revenue from property transactions.

When a property is registered, the higher of the guideline value or the sale price is considered for calculating the stamp duty. This process helps maintain transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of Velappan Nagar?

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

How has the guideline value changed over the years?

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

What is the stamp duty rate for property in Velappan Nagar?

The stamp duty rate for property transactions in Velappan Nagar is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Kunrathur Sub Registrar Office?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.

What is the significance of the guideline value in property transactions?

The guideline value is essential for determining the stamp duty and registration fees during property transactions. It ensures that the government receives the appropriate revenue and maintains transparency in the real estate market.