Guideline Value for Velayutha Pandi Street

Velayutha Pandi Street guideline value

The current guideline value of Velayutha Pandi Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Tondaiarpet village under the Royapuram SRO and is classified as Residential Class I Type - I.

How the guideline value of Velayutha Pandi Street has changed

The guideline value for Velayutha Pandi Street has undergone several revisions over the years. The 2007 revision set the value at Rs 700 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking a rise of 186%. However, the value dropped to Rs 1,340 per sq.ft in 2017, a decrease of 33%. The most recent revisions saw the value rise to Rs 2,000 per sq.ft in 2023 and then to Rs 2,200 per sq.ft in 2024, reflecting a 10% increase.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 214%.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 10,100 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value of Velayutha Pandi Street is above this median.

• Velayutha Pandi Lane: Rs 2,200 per sq.ft (2024)
• Veeraraghavan Road: Rs 2,200 per sq.ft (2024)
• Veeraraghavan Lane: Rs 1,600 per sq.ft (2024)
• Venkatachalam Naicken Lane: Rs 2,200 per sq.ft (2024)
• Venkatachalam Naicken Street: Rs 2,200 per sq.ft (2024)
• Venkatachalam Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Velayutha Pandi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total fees together Rs 1,98,000. Please note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velayutha Pandi Street?

The Sub Registrar Office that covers Velayutha Pandi Street is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Tondaiarpet. It serves as a benchmark for determining the minimum value of the property for registration purposes, ensuring that all transactions are recorded at a fair value.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for completing the transaction. Buyers and sellers should 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 Velayutha Pandi Street?

The current guideline value of Velayutha Pandi Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, with several revisions in between, including a drop and subsequent rise in values.

What is the median guideline value for streets in Tondaiarpet?

The median guideline value for streets in Tondaiarpet is Rs 1,600 per sq.ft, with Velayutha Pandi Street's current value being above this median.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot, these fees total Rs 1,98,000.

Where is the Sub Registrar Office for Velayutha Pandi Street located?

The Sub Registrar Office for Velayutha Pandi Street is located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.