Guideline Value for Velavan Nagar 2nd Street

Velavan Nagar 2nd Street guideline value

The current guideline value of Velavan Nagar 2nd 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 2nd Street has changed

The guideline value for Velavan Nagar 2nd Street has undergone several revisions over the years. In 2007, the value was set at Rs 900 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012. However, it then decreased to Rs 2,010 per sq.ft in 2017. Following this, the value rose to Rs 3,000 per sq.ft in 2023, and the most recent revision in 2024 set it at Rs 3,300 per sq.ft. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

Between the revisions, the changes were as follows: from 2007 to 2012, there was an increase of 233%; from 2012 to 2017, a decrease of 33%; from 2017 to 2023, an increase of 49%; and from 2023 to 2024, an increase of 10%. Overall, from 2007 to 2024, the guideline value has increased by 267%.

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. The median value is Rs 3,300 per sq.ft, which is equal to the current guideline value for Velavan Nagar 2nd Street.

• Velavan Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Velavan Nagar 1st 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 2nd 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, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velavan Nagar 2nd Street?

The Sub Registrar Office that covers Velavan Nagar 2nd Street is the Sembiam Sub Registrar Office, 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 factor when buying or selling property in Kolathur. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers should be aware that the guideline value can impact the overall cost of the transaction.

When a property is registered, the authorities will refer to the guideline value to ensure that the correct fees are applied. This value serves as a benchmark for assessing the worth of the property, ensuring that the registration process is transparent and standardized.

Frequently asked questions

What is the current guideline value of Velavan Nagar 2nd Street?

The current guideline value of Velavan Nagar 2nd 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 changed significantly from Rs 900 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 267% over the years.

What is the land classification for Velavan Nagar 2nd Street?

Velavan Nagar 2nd Street is classified as Residential Class I Type - I.

Where is the Sembiam Sub Registrar Office located?

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

How is stamp duty calculated for properties in Kolathur?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.