Guideline Value for Velayudam Colony 2nd Cross Street

Velayudam Colony 2nd Cross Street guideline value

The current guideline value for Velayudam Colony 2nd Cross 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 Cross Street has changed

The guideline value for Velayudam Colony 2nd 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. The value then rose significantly to Rs 850 per sq.ft in 2007, followed by a steep increase to Rs 4,000 per sq.ft in 2012. However, it decreased to Rs 2,680 per sq.ft in 2017. The value was revised to Rs 4,000 per sq.ft in 2023 and is now Rs 4,400 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 700%. The changes between the revisions indicate fluctuations, such as a 49% increase from 2017 to 2023 and a 371% rise from 2007 to 2012. The register has no figure for the years between 2012 and 2017.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with 2024 guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which is the same as the current value for Velayudam Colony 2nd Cross Street.

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

Stamp duty and registration fee for property in Velayudam Colony 2nd 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, while the registration fee at 2% would be Rs 88,000, bringing the total fees to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Velayudam Colony 2nd Cross Street?

The Sub Registrar Office that covers Velayudam Colony 2nd Cross Street is 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 critical factor in the registration process when buying or selling property in Saligramam. It serves as a reference point for calculating stamp duty and registration fees, ensuring that the transaction is documented accurately.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

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

The current guideline value for Velayudam Colony 2nd 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 increased from Rs 550 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, representing a 700% increase overall.

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 property registrations in Velayudam Colony?

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

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that transactions are recorded accurately and that the appropriate fees are collected by the government.