Guideline Value for Velavan Nagar

Velavan Nagar guideline value

The current guideline value of Velavan Nagar, located in Perungavur village under the Redhills SRO, is Rs 385 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Velavan Nagar has changed

The guideline value for Velavan Nagar has seen several revisions over the years. The 2007 revision set the value at Rs 300 per sq.ft, which increased to Rs 350 per sq.ft in 2012. However, it decreased to Rs 234 per sq.ft in the 2017 revision. The value then rose significantly by 50% to Rs 350 per sq.ft in 2023, and further increased by 10% to the current Rs 385 per sq.ft in 2024.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 28%.

Guideline values in Perungavur

In Perungavur, there are 79 streets under the Redhills SRO that have a guideline value for 2024, ranging from Rs 220 to Rs 1,500 per sq.ft. The median value is Rs 275 per sq.ft, and Velavan Nagar's 2024 figure of Rs 385 per sq.ft is above this median.

• Velan Nagar Annex I: Rs 220 per sq.ft (2024)
• Velan Nagar Annex: Rs 220 per sq.ft (2024)
• Velan Nagar: Rs 220 per sq.ft (2024)
• Vekkali Amman Nagar: Rs 220 per sq.ft (2024)
• Vasugi Nagar: Rs 275 per sq.ft (2024)
• Vaideki Nagar: Rs 220 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 385 per sq.ft, the total guideline value amounts to Rs 3,85,000. The stamp duty at 7% would be Rs 26,950, and the registration fee at 2% would be Rs 7,700, making the total fees together Rs 34,650. Note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Velavan Nagar?

The Sub Registrar Office that covers Velavan Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Perungavur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is registered, the guideline value is used to calculate the applicable fees. This value helps in standardizing property transactions and ensuring that both parties are aware of the financial obligations involved in the sale.

Frequently asked questions

What is the current guideline value of Velavan Nagar?

The current guideline value of Velavan Nagar is Rs 385 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 385 per sq.ft in 2024, with various revisions in between, including a decrease in 2017 and increases in subsequent years.

What is the land classification of Velavan Nagar?

Velavan Nagar is classified as Residential Class I Type - I, which indicates its suitability for residential development.

What are the registration fees for property in Velavan Nagar?

For a property valued at Rs 3,85,000, the stamp duty would be Rs 26,950 and the registration fee would be Rs 7,700, totaling Rs 34,650 in fees.

Where is the Sub Registrar Office for Velavan Nagar located?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.