Guideline Value for Velayudham Nagar

Velayudham Nagar guideline value

The current guideline value of Velayudham Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is located in Varadarajapuram village and falls under the Padappai Sub Registrar Office (SRO). The land classification for this street is Residential Class I Type - I.

How the guideline value of Velayudham Nagar has changed

The guideline value for Velayudham Nagar has seen several revisions over the years. In 2012, the value was Rs 1,200 per sq.ft, which decreased to Rs 804 per sq.ft in 2017. Following this, the 2023 revision set the value at Rs 1,200 per sq.ft, and the most recent 2024 revision increased it to Rs 1,320 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The overall change from 2012 to 2024 reflects a modest increase of 10% in the guideline value.

Guideline values in Varadarajapuram

Varadarajapuram has a total of 250 streets under the Padappai SRO, with guideline values ranging from Rs 880 to Rs 4,100 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, making the 2024 guideline value of Velayudham Nagar below this median.

• Velankanni Nagar: Rs 1,320 per sq.ft (2024)
• Vasantham Nagar S.Nos.539/1, 540/1a: Rs 880 per sq.ft (2024)
• Vasantham Nagar S.No.539/1: Rs 880 per sq.ft (2024)
• VasanthamNagar: Rs 1,650 per sq.ft (2024)
• Venkateshwara Nagar Extn: Rs 1,650 per sq.ft (2024)
• Vamanan Avenue: Rs 2,960 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 would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, together totaling Rs 1,18,800. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velayudham Nagar?

Velayudham Nagar is covered by 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 Varadarajapuram

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Varadarajapuram, the guideline value is used to calculate the stamp duty and registration fees, ensuring that both parties comply with legal requirements.

During the registration process, the buyer must pay the applicable stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the property is officially recognized and legally transferred to the new owner.

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 back to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,320 per sq.ft in 2024.

What is the median guideline value in Varadarajapuram?

The median guideline value in Varadarajapuram is Rs 1,650 per sq.ft, while Velayudham Nagar's 2024 value is below this median.

What are the stamp duty rates for properties in Velayudham Nagar?

The stamp duty for properties in Velayudham Nagar is charged at 7% of the guideline value or sale price, whichever is higher.

Where can I find the Padappai Sub Registrar Office?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.