Guideline Value for Vellalar Street (W.M)

Vellalar Street (W.M) guideline value

The current guideline value of Vellalar Street (W.M) is Rs 6,600 per sq.ft. This street is located in Kodambakkam village, under the Ashok Nagar SRO, classified as Residential Class II Type - II.

How the guideline value of Vellalar Street (W.M) has changed

The guideline value for Vellalar Street (W.M) has undergone several revisions over the years. In 2007, the guideline value was Rs 1,860 per sq.ft, which saw a significant increase to Rs 6,000 per sq.ft in both 2012 and 2023. However, there was no figure available for the years 2002, 2003, and 2017. The latest revision in 2024 raised the value to Rs 6,600 per sq.ft, marking a 10% increase from the 2023 figure.

Overall, from 2007 to 2024, the guideline value has increased by 255%. The transition from 2012 to 2023 showed no change, maintaining the value at Rs 6,000 per sq.ft. The substantial rise from 2007 to 2012 was 223%, reflecting a significant change in the value of properties in this area.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO with a guideline value range from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value is Rs 4,900 per sq.ft, and Vellalar Street (W.M) is above this median at Rs 6,600 per sq.ft.

• Velmurugan Street (M.G.R.Nagar): Rs 3,300 per sq.ft (2024)
• Velayutham Street (S.No. 394/2): 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)
• Vengeeswarar Nagar 1st Cross Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Vellalar Street (W.M)

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, totaling Rs 5,94,000. 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 Vellalar Street (W.M)?

The Sub Registrar Office that covers Vellalar Street (W.M) 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 an essential factor in property transactions in Kodambakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Vellalar Street (W.M)?

The current guideline value of Vellalar Street (W.M) is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 1,860 per sq.ft to Rs 6,600 per sq.ft in 2024, marking a total increase of 255% over the years.

What is the registration office for Vellalar Street (W.M)?

The registration office for Vellalar Street (W.M) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What are the stamp duty and registration fees for properties on this street?

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000, and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

How does the guideline value affect property transactions?

The guideline value affects property transactions by determining the minimum value for registration. Stamp duty and registration fees are calculated based on this value or the sale price, whichever is higher.