Guideline Value for Vellala Street

Vellala Street guideline value

The current guideline value of Vellala Street in Ayanavaram village, under the AnnaNagar SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - II land classification.

How the guideline value of Vellala Street has changed

The guideline value for Vellala Street has seen significant changes over the years. In the 2007 revision, the value was Rs 1,200 per sq.ft, which increased to Rs 5,000 per sq.ft in the 2012 revision, marking a substantial increase of 317%. However, in the 2017 revision, the value dropped to Rs 3,350 per sq.ft, representing a decrease of 33%. The 2023 revision set the value at Rs 5,000 per sq.ft, which was then raised to Rs 5,500 per sq.ft in the 2024 revision, reflecting a 10% increase.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 358%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Ayanavaram

Ayanavaram consists of 369 streets under the AnnaNagar SRO, with guideline values ranging from Rs 2,700 to Rs 20,000 per sq.ft. The median guideline value in the village is Rs 4,900 per sq.ft, making Vellala Street's 2024 figure of Rs 5,500 per sq.ft above the median.

• Vellala Ist Lane: Rs 4,900 per sq.ft (2024)
• Vellala 4th Lane: Rs 4,900 per sq.ft (2024)
• Vellala 3nd Lane: Rs 4,900 per sq.ft (2024)
• Vellala 2nd Lane: Rs 4,900 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. It is 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 precise calculations.

Which Sub Registrar Office covers Vellala Street?

The Sub Registrar Office that covers Vellala Street 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 details.

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

The guideline value is an essential factor during property registration in Ayanavaram. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that all transactions adhere to the legal framework set by the Registration Department.

When buying or selling property, the guideline value helps determine the official value of the property, which is crucial for tax purposes and securing financing. It is important for buyers and sellers to be aware of the current guideline value to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Vellala Street?

The current guideline value of Vellala Street is Rs 5,500 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 1,200 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 358% over the years.

What are the other streets in Ayanavaram with their guideline values?

Other streets in Ayanavaram include Vellala Ist Lane, Vellala 4th Lane, Vellala 3nd Lane, Vellala 2nd Lane, Velankadu Pattai, and Veerasamy Street, with values ranging from Rs 4,400 to Rs 4,900 per sq.ft.

How is stamp duty calculated for properties in Vellala Street?

Stamp duty for properties in Vellala 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 current rate incurs a total duty of Rs 4,95,000.

Where is the Sub Registrar Office for Vellala Street located?

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