Guideline Value for Velayutham Street

Velayutham Street guideline value

The current guideline value of Velayutham Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO with a land classification of Residential Class III Type - I.

How the guideline value of Velayutham Street has changed

The guideline value for Velayutham Street has seen several revisions over the years. In 2007, the value was Rs 2,800 per sq.ft, which increased significantly to Rs 6,000 per sq.ft in 2012, marking a 114% rise. However, between 2012 and 2017, the value dropped to Rs 4,020 per sq.ft, a decrease of 33%. The value then rose again to Rs 6,000 per sq.ft in 2023, and the latest revision in 2024 has set the guideline value at Rs 6,600 per sq.ft, reflecting a 10% increase from the previous year.

Notably, the register has no figure for Velayutham Street for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 136%.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Velayutham Street's current value below this median.

• Veerabadra Street: Rs 11,500 per sq.ft (2024)
• Veerabadra Iyer Cross Street: Rs 8,800 per sq.ft (2024)
• Valluvar Kuppam: Rs 7,100 per sq.ft (2024)
• Valluvarkottam High Road (or) Village Road: Rs 13,200 per sq.ft (2024)
• Valluvarkottam 2nd Lane: Rs 8,800 per sq.ft (2024)
• Valluvarkottam 1st Lane: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Velayutham Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total cost to Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velayutham Street?

The Sub Registrar Office that covers Velayutham Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Nungambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations during the registration process.

When a property is registered, the guideline value is used to calculate the applicable fees, which can significantly impact the total cost of the transaction. Therefore, understanding the guideline value is essential for anyone looking to engage in real estate transactions in this area.

Frequently asked questions

What is the current guideline value of Velayutham Street?

The current guideline value of Velayutham Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, with various increases and decreases in between.

What is the median guideline value for streets in Nungambakkam?

The median guideline value for streets in Nungambakkam is Rs 8,800 per sq.ft, which is higher than the current value of Velayutham Street.

What are the stamp duty rates applicable for property in Velayutham Street?

The stamp duty for property transactions in Velayutham Street is charged at 7% of the guideline value or sale price, whichever is higher.

Which office handles registrations for Velayutham Street?

The Chennai Central Joint II Sub Registrar Office handles registrations for Velayutham Street, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.