Guideline Value for Velappan Street

Velappan Street guideline value

The current guideline value of Velappan Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village under the Tambaram Joint 1 SRO, classified as Residential Special Type - II.

How the guideline value of Velappan Street has changed

In the 2012 revision, the guideline value was Rs 3,500 per sq.ft. It then decreased to Rs 2,345 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% increase from 2017. The most recent revision in 2024 saw a further increase to Rs 3,850 per sq.ft, which is a 10% rise from the previous year.

The register has no figure for Velappan Street in the revisions of 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

Chitlapakkam has a total of 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 the village is Rs 1,650 per sq.ft, placing Velappan Street's 2024 figure above this median.

• Velappan Cross Street: Rs 2,750 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, leading to a total of Rs 3,46,500. 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 Velappan Street?

The Sub Registrar Office that covers Velappan Street is 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 further assistance.

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

The guideline value is a crucial factor during the registration of property transactions in Chitlapakkam. It serves as a benchmark to determine the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property, making it easier for both buyers and sellers to negotiate terms. It is essential to consider the current guideline value to ensure compliance with legal requirements during the transaction.

Frequently asked questions

What is the current guideline value of Velappan Street?

The current guideline value of Velappan Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, then to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,850 per sq.ft in 2024.

What is the land classification for Velappan Street?

Velappan Street is classified as Residential Special Type - II.

What is the median guideline value in Chitlapakkam?

The median guideline value in Chitlapakkam is Rs 1,650 per sq.ft, which is below the current guideline value of Velappan Street.

Where is the Sub Registrar Office for Velappan Street located?

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