Guideline Value for Velappar 2nd Street

Velappar 2nd Street guideline value

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

How the guideline value of Velappar 2nd Street has changed

The guideline value of Velappar 2nd 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 substantial rise of 160%. By 2017, the value further increased to Rs 1,340 per sq.ft, reflecting a 65% change 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 latest revision in 2024 raised the guideline value to Rs 2,200 per sq.ft, a 10% increase from 2023.

It is important to note that there are no figures available for the years 2002 and 2012 in the register 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. The median value for these streets is Rs 2,420 per sq.ft, which means that the guideline value of Velappar 2nd Street is below this median.

• Velappar 1st 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 2nd Street

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

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velappar 2nd Street?

The Velappar 2nd Street is covered by the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, 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 Thiruneermalai

The guideline value is an essential factor when registering property transactions in Thiruneermalai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction process.

When buying or selling property, the guideline value is used to calculate the applicable charges, ensuring that both parties are aware of the financial obligations involved in the registration of the property.

Frequently asked questions

What is the current guideline value of Velappar 2nd Street?

The current guideline value of Velappar 2nd 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 changed significantly, from Rs 312 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 605%.

What are the stamp duty and registration fees for property in Velappar 2nd Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 22,00,000. The stamp duty at 7% is Rs 1,54,000, and the registration fee at 2% is Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for Velappar 2nd Street?

The Pammal Sub Registrar Office handles registrations for Velappar 2nd Street, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the median guideline value for streets in Thiruneermalai?

The median guideline value for streets in Thiruneermalai is Rs 2,420 per sq.ft, which is higher than the guideline value of Velappar 2nd Street.