Guideline Value for Velavan Nagar 1st Street

Velavan Nagar 1st Street guideline value

The current guideline value of Velavan Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village, under the Sembiam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Velavan Nagar 1st Street has changed

The guideline value for Velavan Nagar 1st Street has undergone several revisions over the years. In 2007, the guideline value was Rs 900 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in both 2012 and 2023. The 2024 revision saw another increase to Rs 3,300 per sq.ft, marking a 10% rise from the previous year.

Notably, there are no figures available for the years 2002, 2003, and 2017 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 267%, highlighting a substantial change over the years.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Velavan Nagar 1st Street aligns with this median.

• Velavan Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Velavan Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Velmurugan Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Velmurugan Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Velmurugan Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Velmurugan Nagar 4th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Velavan Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making a total of Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Velavan Nagar 1st Street?

The Sembiam Sub Registrar Office covers Velavan Nagar 1st Street, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial figure used during the registration of property transactions in Kolathur. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value rather than individual sale prices.

When buying or selling property, understanding the guideline value helps in determining the financial implications of the transaction. It is advisable to consult the latest figures to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Velavan Nagar 1st Street?

The current guideline value of Velavan Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 900 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 267% over the years.

What is the median guideline value in Kolathur?

The median guideline value in Kolathur is Rs 3,300 per sq.ft, which is the same as the current value for Velavan Nagar 1st Street.

What are the stamp duty and registration fees for property in Velavan Nagar 1st Street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Where is the Sembiam Sub Registrar Office located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.