Guideline Value for Velayutham Street

Velayutham Street guideline value

The current guideline value of Velayutham Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class II 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 the 2017 revision, the value was Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. Velayutham Street's current value is below this median.

• Vembuli Amman Koil Street: Rs 1,650 per sq.ft (2024)
• Veerasamy Street: Rs 2,200 per sq.ft (2024)
• Veeramani Street/Periyar Nagar Main Road: Rs 3,850 per sq.ft (2024)
• Veeramani Street: Rs 3,850 per sq.ft (2024)
• Venkataraman Cross Street: Rs 1,650 per sq.ft (2024)
• Veeraghavan Street: Rs 2,200 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 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, totaling Rs 1,98,000. It is important to 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 Velayutham Street?

The Sub Registrar Office that covers Velayutham Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is an essential factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that the transaction is officially recorded and that the appropriate taxes are paid. 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 Velayutham Street?

The current guideline value of Velayutham 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 increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024. This represents an overall increase of 64% over the seven-year period.

What is the registration office for Velayutham Street?

The registration office for Velayutham Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties on Velayutham Street?

Stamp duty for properties on Velayutham Street is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the guideline value of Rs 22,00,000 incurs a stamp duty of Rs 1,54,000 at 7%.

What are the guideline values for other streets in Madipakkam-1?

Other streets in Madipakkam-1 have varying guideline values. For instance, Vembuli Amman Koil Street is Rs 1,650 per sq.ft, while Veeramani Street is Rs 3,850 per sq.ft in 2024.