Guideline Value for Velayudham Nagar

Velayudham Nagar guideline value

The current guideline value of Velayudham Nagar, located in Thirumudivakkam village under the Padappai SRO, is Rs 1,320 per sq.ft. This value is effective from 1 July 2024 and falls under the land classification of Residential Special Type - I.

How the guideline value of Velayudham Nagar has changed

The guideline value for Velayudham Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which then decreased to Rs 804 per sq.ft in the 2017 revision. This was a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 1,200 per sq.ft, marking a 49% rise. The most recent revision in 2024 has further increased the value to Rs 1,320 per sq.ft, representing a 10% increase from the previous year.

There are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Thirumudivakkam

In Thirumudivakkam, there are 56 streets under the Padappai SRO, with guideline values ranging from Rs 660 to Rs 3,860 per sq.ft. The median guideline value is Rs 1,320 per sq.ft, which is equal to the current value of Velayudham Nagar.

• Vasantham Nagar: Rs 660 per sq.ft (2024)
• V.S.S Nagar: Rs 660 per sq.ft (2024)
• Thirumudivakkam Road: Rs 1,320 per sq.ft (2024)
• Thai Thillai Nagar: Rs 660 per sq.ft (2024)
• Swagatham Nagar: Rs 660 per sq.ft (2024)
• Subhalakshmi Nagar: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Velayudham Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, resulting in a total of Rs 1,18,800. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more details on the fees applicable.

Which Sub Registrar Office covers Velayudham Nagar?

Velayudham Nagar falls under the jurisdiction of the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Thirumudivakkam. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value helps determine the official value of the property for registration purposes. It is essential to 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 Velayudham Nagar?

The current guideline value of Velayudham Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,320 per sq.ft in 2024.

What is the land classification for Velayudham Nagar?

Velayudham Nagar is classified as Residential Special Type - I.

Which office handles registrations for Velayudham Nagar?

The Padappai Sub Registrar Office handles registrations for Velayudham Nagar, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated in Velayudham Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400 at 7%.