Guideline Value for Velayutham Street (S.No. 394/2)

Velayutham Street (S.No. 394/2) guideline value

The current guideline value of Velayutham Street (S.No. 394/2) is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO, classified as Residential Class IV Type - II.

How the guideline value of Velayutham Street (S.No. 394/2) has changed

The guideline value for Velayutham Street has experienced several revisions over the years. In 2007, the guideline value was set at Rs 800 per sq.ft, which saw a significant increase to Rs 3,000 per sq.ft in both the 2012 and 2023 revisions. However, there are no figures available for the years 2002, 2003, and 2017.

With the latest revision in 2024, the guideline value increased to Rs 3,300 per sq.ft, marking a 10% rise from the 2023 figure. Overall, from 2007 to 2024, the guideline value has increased by 313%, reflecting the changes in the property market over the years.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, placing Velayutham Street's 2024 figure below the median.

• Vellalar Street (W.M): Rs 6,600 per sq.ft (2024)
• Velmurugan Street (M.G.R.Nagar): Rs 3,300 per sq.ft (2024)
• Velunachiyar Street S.No. 352/1 (M.G.R.Nagar): Rs 3,300 per sq.ft (2024)
• Velu Street (JPT): Rs 4,100 per sq.ft (2024)
• Velu Street (W.M.): Rs 6,600 per sq.ft (2024)
• Veerasamy Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Velayutham Street (S.No. 394/2)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees to Rs 2,97,000. It's important to 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 detailed calculations.

Which Sub Registrar Office covers Velayutham Street (S.No. 394/2)?

The Sub Registrar Office that covers Velayutham Street (S.No. 394/2) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Kodambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the guideline value as it directly affects the financial aspects of the transaction. Buyers and sellers should ensure that the sale price is in line with the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Velayutham Street (S.No. 394/2)?

The current guideline value of Velayutham Street (S.No. 394/2) is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 800 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, representing an overall increase of 313%.

What are the stamp duty and registration fees for property in Velayutham Street?

For a property valued at Rs 33,00,000, the stamp duty is Rs 2,31,000 and the registration fee is Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office covers Velayutham Street?

The Ashok Nagar Sub Registrar Office covers Velayutham Street (S.No. 394/2), located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the median guideline value in Kodambakkam?

The median guideline value in Kodambakkam is Rs 4,900 per sq.ft, which is higher than the current value of Velayutham Street (S.No. 394/2).