Guideline Value for Velavan Nagar

Velavan Nagar guideline value

The current guideline value of Velavan Nagar is Rs 500 per sq.ft, effective from 1 July 2024. This area is located in Ammanambakkam village under the Gooduvancheri SRO and is classified as Residential Special Type - I.

How the guideline value of Velavan Nagar has changed

The guideline value for Velavan Nagar has seen several revisions over the years. The earliest recorded figure is from 2007, when the value was Rs 175 per sq.ft. This increased to Rs 500 per sq.ft in 2012, marking a significant rise of 186%. However, in 2017, the value dropped to Rs 335 per sq.ft, a decrease of 33%. The value then remained stable at Rs 500 per sq.ft in both the 2023 and 2024 revisions, showing no change from 2023 to 2024.

It is important to note that there are no figures available in the register for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 186%.

Guideline values in Ammanambakkam

In Ammanambakkam, there are 15 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 400 to Rs 500 per sq.ft, with the median value being Rs 500 per sq.ft. Velavan Nagar's 2024 figure aligns with this median.

• Surya Nagar: Rs 500 per sq.ft (2024)
• Sri Venkateswara Nagar Phase-I: Rs 500 per sq.ft (2024)
• Sivasakthi Nagar Extn: Rs 500 per sq.ft (2024)
• Sivasakthi Nagar: Rs 500 per sq.ft (2024)
• SaiRam nagar: Rs 500 per sq.ft (2024)
• Kannan Nagar: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Velavan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value would be Rs 5,00,000. The stamp duty at 7% would amount to Rs 35,000, and the registration fee at 2% would be Rs 10,000, leading to a total of Rs 45,000 for these charges. It is essential 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?

The Sub Registrar Office covering Velavan Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. For more information, you can find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Ammanambakkam. It serves as a benchmark for calculating stamp duty and registration fees, which are mandatory when transferring property ownership.

When you buy or sell property, the guideline value ensures that the transaction is recorded at a fair value, which is essential for taxation purposes. This helps in maintaining transparency in real estate transactions within the region.

Frequently asked questions

What is the current guideline value of Velavan Nagar?

The current guideline value of Velavan Nagar is Rs 500 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 175 per sq.ft in 2007 to Rs 500 per sq.ft in 2012, then decreased to Rs 335 per sq.ft in 2017, and remained at Rs 500 per sq.ft in 2023 and 2024.

What are the other streets in Ammanambakkam with the same guideline value?

Other streets in Ammanambakkam that also have a guideline value of Rs 500 per sq.ft in 2024 include Surya Nagar, Sri Venkateswara Nagar Phase-I, Sivasakthi Nagar Extn, Sivasakthi Nagar, SaiRam nagar, and Kannan Nagar.

What is the stamp duty rate for property in Velavan Nagar?

The stamp duty rate for property in Velavan Nagar is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Velavan Nagar?

The Sub Registrar Office for Velavan Nagar is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.