Guideline Value for Vellala 2nd Lane

Vellala 2nd Lane guideline value

The current guideline value of Vellala 2nd Lane is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Ayanavaram village and falls under the AnnaNagar SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Vellala 2nd Lane has changed

The guideline value for Vellala 2nd Lane has experienced several revisions over the years. In 2002, the value was set at Rs 467 per sq.ft. This figure saw significant increases in subsequent revisions, with the value rising to Rs 1,200 per sq.ft in 2007, a 157% increase from the previous revision. The value then jumped to Rs 4,500 per sq.ft in 2012, marking a remarkable 275% increase. However, between 2012 and 2017, the value decreased by 33% to Rs 3,015 per sq.ft.

In 2023, the guideline value increased to Rs 4,500 per sq.ft, representing a 49% rise from the 2017 revision. The most recent revision in 2024 has brought the value to Rs 4,900 per sq.ft, which is a 9% increase from the previous year. It is important to note that the register has no figure for this street in 2003.

Guideline values in Ayanavaram

Ayanavaram village has a total of 369 streets under the AnnaNagar SRO that carry a 2024 guideline value, ranging from Rs 2,700 to Rs 20,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, which is equal to the current guideline value for Vellala 2nd Lane.

• Vellala 3nd Lane: Rs 4,900 per sq.ft (2024)
• Vellala 4th Lane: Rs 4,900 per sq.ft (2024)
• Vellala Ist Lane: Rs 4,900 per sq.ft (2024)
• Vellala Street: Rs 5,500 per sq.ft (2024)
• Velankadu Pattai: Rs 4,400 per sq.ft (2024)
• Veerasamy Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Vellala 2nd Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value amounts to Rs 49,00,000. The stamp duty at 7% would be Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, totaling Rs 4,41,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vellala 2nd Lane?

The Sub Registrar Office that covers Vellala 2nd Lane is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Ayanavaram. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements.

During the registration process, the guideline value is compared with the sale price of the property. The higher of the two values is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vellala 2nd Lane?

The current guideline value of Vellala 2nd Lane is Rs 4,900 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 467 per sq.ft in 2002 to Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 949% over this period.

What is the median guideline value for streets in Ayanavaram?

The median guideline value for streets in Ayanavaram is Rs 4,900 per sq.ft, which is the same as the current guideline value for Vellala 2nd Lane.

Where can I find the Sub Registrar Office for Vellala 2nd Lane?

The Sub Registrar Office covering Vellala 2nd Lane is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 49,00,000, the stamp duty would be calculated on this amount.