Guideline Value for Velayudam Colony 1st Cross Street

Velayudam Colony 1st Cross Street guideline value

The current guideline value of Velayudam Colony 1st Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Velayudam Colony 1st Cross Street has changed

The guideline value for Velayudam Colony 1st Cross Street has seen several revisions over the years. In 2002, the value was Rs 550 per sq.ft, which increased to Rs 601 per sq.ft in 2003, marking a 9% rise. The value then rose significantly to Rs 850 per sq.ft in 2007, reflecting a 41% increase. Following this, the 2012 revision saw the value rise to Rs 4,000 per sq.ft, a substantial increase of 371%. However, in 2017, the guideline value decreased to Rs 2,680 per sq.ft, which was a decline of 33%. The value then increased to Rs 4,000 per sq.ft in 2023, before reaching the current figure of Rs 4,400 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 700%. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, which is equal to the guideline value of Velayudam Colony 1st Cross Street.

• Velayudam Colony 1st Street: Rs 4,400 per sq.ft (2024)
• Velayudam Colony 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Velayudam Colony 2nd Street: Rs 4,400 per sq.ft (2024)
• Velayudam Colony - Thayaki Logaiah 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 1st Cross 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, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Velayudam Colony 1st Cross Street?

The Velayudam Colony 1st Cross Street falls under the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Saligramam. It serves as a benchmark for determining the minimum value at which a property can be registered. When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from the transaction.

When registering a property, buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price. This ensures that the transaction is recorded accurately, reflecting the true value of the property as determined by the guideline value.

Frequently asked questions

What is the current guideline value of Velayudam Colony 1st Cross Street?

The current guideline value of Velayudam Colony 1st Cross 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 from Rs 550 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 700% over this period.

What is the land classification for Velayudam Colony 1st Cross Street?

The land classification for Velayudam Colony 1st Cross Street is Residential Class II Type - I.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office covering Velayudam Colony 1st Cross Street is the Virugambakkam SRO, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in this area?

The stamp duty for properties in Velayudam Colony 1st Cross Street is calculated at 7% of the guideline value or the sale price, whichever is higher.