Guideline Value for Velaudham Street

Velaudham Street guideline value

The current guideline value of Velaudham Street in Zaminpallavaram village is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Mixed Type - I land.

How the guideline value of Velaudham Street has changed

Over the years, the guideline value of Velaudham Street has seen significant changes. The earliest recorded figure is from 2003, where the value was Rs 554 per sq.ft. This increased to Rs 1,000 per sq.ft in 2007, marking an increase of 81%. By 2012, the value rose dramatically to Rs 3,500 per sq.ft, reflecting a substantial increase of 250%. In 2023, the guideline value was Rs 3,750 per sq.ft, and the most recent revision for 2024 set it at Rs 3,850 per sq.ft, a 3% increase from the previous year. The register has no figures for the years 2002 and 2017.

In summary, from 2003 to 2024, the overall increase in the guideline value for Velaudham Street is 595%. The progression of values shows a consistent upward trend, highlighting the evolving valuation of this street over the years.

Guideline values in Zaminpallavaram

Zaminpallavaram village has a total of 638 streets under the Pallavaram SRO, with 2024 guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Velaudham Street's 2024 value above this median.

• Velmurugan Colony: Rs 2,750 per sq.ft (2024)
• Velu Street: Rs 2,750 per sq.ft (2024)
• Vembuliamman Koil 1st Street: Rs 3,850 per sq.ft (2024)
• Vembuliamman Koil 2nd Back Street: Rs 3,850 per sq.ft (2024)
• Vembuliamman Koil 2nd Street: Rs 3,850 per sq.ft (2024)
• Vembuliamman Koil 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Velaudham Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees together to 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 precise calculations.

Which Sub Registrar Office covers Velaudham Street?

The Sub Registrar Office that covers Velaudham Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value serves as a benchmark for determining the minimum price at which properties can be registered in Zaminpallavaram. When a property is sold, the buyer and seller must adhere to this value to ensure compliance with local regulations and taxation requirements.

During the registration process, the guideline value is essential for calculating the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Velaudham Street?

The current guideline value of Velaudham 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 increased from Rs 554 per sq.ft in 2003 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 595% over this period.

What is the median guideline value of streets in Zaminpallavaram?

The median guideline value of streets in Zaminpallavaram is Rs 3,300 per sq.ft, with Velaudham Street's 2024 value being above this median.

What are the stamp duty and registration fees for properties on Velaudham Street?

For a 1,000 sq.ft property on Velaudham Street, the total guideline value is Rs 38,50,000, resulting in a stamp duty of Rs 2,69,500 and a registration fee of Rs 77,000, totaling Rs 3,46,500.

Which office handles property registrations for Velaudham Street?

The Pallavaram Sub Registrar Office handles property registrations for Velaudham Street, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.