Guideline Value for Velayudam Colony 2nd Street

Velayudam Colony 2nd Street guideline value

The current guideline value of Velayudam Colony 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village under the Virugambakkam SRO, classified as Residential Class II Type - I.

How the guideline value of Velayudam Colony 2nd Street has changed

The guideline value for Velayudam Colony 2nd Street has seen significant changes over the years. In 2002, the value was Rs 550 per sq.ft, which increased to Rs 601 per sq.ft in 2003. Following that, the value rose to Rs 850 per sq.ft in 2007, and then saw a substantial increase to Rs 4,000 per sq.ft in 2012. However, it decreased to Rs 2,680 per sq.ft in 2017 before climbing again to Rs 4,000 per sq.ft in 2023.

The latest revision in 2024 has set the guideline value at Rs 4,400 per sq.ft, marking a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 700%.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO with a 2024 guideline value range from Rs 2,750 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the guideline value of Velayudam Colony 2nd Street.

• Velayudam Colony 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Velayudam Colony - Thayaki Logaiah Street: Rs 4,400 per sq.ft (2024)
• Velayudam Colony 1st Street: Rs 4,400 per sq.ft (2024)
• Velayudam Colony 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Velayutham Colony 1st Main Road: Rs 4,950 per sq.ft (2024)
• Velayutham Colony 2nd Main Road: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Velayudam Colony 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, leading to a total of Rs 3,96,000. Duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Velayudam Colony 2nd Street?

The Velayudam Colony 2nd Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Saligramam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Velayudam Colony 2nd Street?

The current guideline value of Velayudam Colony 2nd Street is Rs 4,400 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 550 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, representing a total increase of 700% over this period.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles registrations for Velayudam Colony 2nd Street?

The Virugambakkam Sub Registrar Office is responsible for handling registrations for Velayudam Colony 2nd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Velayudam Colony 2nd Street?

Velayudam Colony 2nd Street is classified as Residential Class II Type - I, indicating its suitability for residential development.