Guideline Value for Velayudham street

Velayudham street guideline value

The current guideline value of Velayudham street in Muthialpet village is Rs 3,800 per sq.ft, effective from 1 July 2024. This street falls under the Chennai North Joint I SRO and is classified as Residential Class III Type - II.

How the guideline value of Velayudham street has changed

The guideline value for Velayudham street has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 1,200 per sq.ft. It increased significantly to Rs 3,500 per sq.ft in 2012, marking a 192% rise. However, in the 2017 revision, the value decreased to Rs 2,345 per sq.ft, reflecting a drop of 33%. Subsequently, the value rose to Rs 3,500 per sq.ft in 2023, a 49% increase from the previous revision. The most recent revision in 2024 set the value at Rs 3,800 per sq.ft, which is a 9% increase from 2023.

It is important to note that there are no figures available for the years 2002 and 2003 for Velayudham street in the register.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft, with a median value of Rs 5,500 per sq.ft. Velayudham street's 2024 guideline value is below this median.

• Venkata Iyer lane: Rs 5,500 per sq.ft (2024)
• Venkata Iyer street: Rs 5,500 per sq.ft (2024)
• Venkatalingam chetty lane (Commissionerate street)*: Rs 3,800 per sq.ft (2024)
• Venkatalingam street*: Rs 3,800 per sq.ft (2024)
• Venkata Maistry Street: Rs 7,100 per sq.ft (2024)
• Venkataratnam street+: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Velayudham street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty at 7% would be Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, making the total fees Rs 3,42,000. 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 Velayudham street?

Velayudham street is covered by the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Muthialpet. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction. This ensures that the government receives the appropriate revenue based on the assessed value of the property.

During the registration process, buyers and sellers must consider the guideline value as it influences the overall cost of the transaction. It is essential for both parties 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 street?

The current guideline value of Velayudham street is Rs 3,800 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 2007 to Rs 3,800 per sq.ft in 2024, reflecting an overall increase of 217% over the years.

What is the classification of Velayudham street?

Velayudham street is classified as Residential Class III Type - II under the Chennai North Joint I SRO.

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

The Sub Registrar Office covering Velayudham street is located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 38,00,000, the total stamp duty and registration fees would amount to Rs 3,42,000.