Guideline Value for Vellalar Street 2nd Street

Vellalar Street 2nd Street guideline value

The current guideline value of Vellalar Street 2nd Street is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village under the Alandur SRO, and it falls under the Residential Class I Type - I land classification.

How the guideline value of Vellalar Street 2nd Street has changed

The guideline value for Vellalar Street 2nd Street has seen several revisions over the years. The 2012 revision set the value at Rs 4,500 per sq.ft, which was then reduced to Rs 3,015 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 4,500 per sq.ft in the 2023 revision, and currently stands at Rs 5,000 per sq.ft from the 2024 revision. The register has no figure for the revisions in 2002, 2003, and 2007.

From 2012 to 2017, the value decreased by 33%. However, there was a substantial increase of 49% from 2017 to 2023. The guideline value then rose by 11% from 2023 to 2024, resulting in an overall increase of 11% from 2012 to 2024.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value is Rs 3,900 per sq.ft, making Vellalar Street 2nd Street's 2024 figure of Rs 5,000 per sq.ft above the median.

• Vellalar Street Main: Rs 5,000 per sq.ft (2024)
• Vellalar Cross Street: Rs 5,000 per sq.ft (2024)
• Vel Nagar 1st Street: Rs 3,900 per sq.ft (2024)
• Vel Nagar 2nd Street: Rs 3,900 per sq.ft (2024)
• Vel Nagar 3rd Street: Rs 3,900 per sq.ft (2024)
• Vel Nagar Extension: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Vellalar Street 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value would be Rs 50,00,000. The stamp duty at 7% would amount to Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000. Together, the total cost for stamp duty and registration fee would be Rs 4,50,000. 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 2nd Street?

The Vellalar Street 2nd Street falls under the jurisdiction of the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Adambakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is registered, the authorities assess the guideline value to ensure that the correct fees are collected. This value helps in maintaining transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Vellalar Street 2nd Street?

The current guideline value of Vellalar Street 2nd Street is Rs 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,500 per sq.ft in 2012 to Rs 3,015 per sq.ft in 2017, then increased to Rs 4,500 per sq.ft in 2023, and is currently Rs 5,000 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 50,00,000, the stamp duty would be Rs 3,50,000, and the registration fee would be Rs 1,00,000, totaling Rs 4,50,000.

Which Sub Registrar Office is responsible for Vellalar Street 2nd Street?

The Alandur Sub Registrar Office is responsible for Vellalar Street 2nd Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that the correct fees are collected and maintains transparency in the registration process.