Guideline Value for Velappar 1st Street

Velappar 1st Street guideline value

The current guideline value of Velappar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Thiruneermalai village under the Pammal SRO and is classified as Residential Class I Type - II.

How the guideline value of Velappar 1st Street has changed

The guideline value for Velappar 1st Street has seen significant changes over the years. In 2003, the value was Rs 312 per sq.ft, which increased to Rs 810 per sq.ft in 2007, marking a rise of 160%. The value then rose to Rs 1,340 per sq.ft in 2017, representing a 65% increase from the previous revision. The 2023 revision set the value at Rs 2,000 per sq.ft, which was a 49% increase from 2017. The current value of Rs 2,200 per sq.ft reflects a 10% increase from 2023.

It is important to note that there are no figures available for the years 2002 and 2012 for this street. Overall, from 2003 to 2024, the guideline value has increased by 605%.

Guideline values in Thiruneermalai

In Thiruneermalai, there are 316 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 6,240 per sq.ft, with a median value of Rs 2,420 per sq.ft. The guideline value for Velappar 1st Street is below this median.

• Velappar 2nd Street: Rs 2,200 per sq.ft (2024)
• Vellalar Street: Rs 2,420 per sq.ft (2024)
• Vellappar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Vellappar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Vellappar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Vembuliamman Koil 1st Cross Street: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Velappar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Velappar 1st Street?

The Velappar 1st Street falls under the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial reference point during property transactions in Thiruneermalai. It is used to determine the stamp duty and registration fees payable when a property is sold or bought, ensuring that the transaction is recorded accurately in the official register.

When you register a property, the guideline value helps in assessing the legal value of the property, thus ensuring that the government receives the appropriate taxes based on this assessed value.

Frequently asked questions

What is the current guideline value of Velappar 1st Street?

The current guideline value of Velappar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 312 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 605% over this period.

What is the stamp duty for property in Velappar 1st Street?

The stamp duty for a property valued at Rs 22,00,000 would be Rs 1,54,000, which is 7% of the guideline value.

Which Sub Registrar Office covers this area?

The Pammal Sub Registrar Office covers Velappar 1st Street, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the median guideline value in Thiruneermalai?

The median guideline value for streets in Thiruneermalai is Rs 2,420 per sq.ft, with Velappar 1st Street's value being below this median.