Guideline Value for Vellalar Street Main

Vellalar Street Main guideline value

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

How the guideline value of Vellalar Street Main has changed

The guideline value for Vellalar Street Main has seen several revisions over the years. Starting from Rs 636 per sq.ft in 2003, it increased to Rs 1,800 per sq.ft in 2007. The value then rose significantly to Rs 4,500 per sq.ft in 2012, but saw a decrease to Rs 3,015 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 4,500 per sq.ft, and the most recent revision in 2024 set it at Rs 5,000 per sq.ft. The register has no figure for this street in 2002.

Between the revisions, there have been notable changes. From 2003 to 2007, the guideline value increased by 183%. The value then surged by 150% from 2007 to 2012, followed by a decrease of 33% from 2012 to 2017. The value rose by 49% from 2017 to 2023, and finally, there was an increase of 11% from 2023 to 2024. Overall, from 2003 to 2024, the guideline value has increased by 686%.

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, with a median value of Rs 3,900 per sq.ft. Vellalar Street Main's 2024 figure of Rs 5,000 per sq.ft is above this median.

• Vellalar Street 2nd Street: 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 Main

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, bringing the total to 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 Main?

The Sub Registrar Office that covers Vellalar Street Main is 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 further assistance.

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

When buying or selling property in Adambakkam, the guideline value plays a crucial role in determining the stamp duty and registration fees. These fees are calculated based on the higher of the guideline value or the sale price of the property, ensuring that the government receives the appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline value, as it can significantly impact the overall cost of property transactions. Proper understanding of these values helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Vellalar Street Main?

The current guideline value of Vellalar Street Main 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 636 per sq.ft in 2003 to Rs 5,000 per sq.ft in 2024, reflecting an overall increase of 686% over this period.

What is the land classification for Vellalar Street Main?

Vellalar Street Main is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

Where is the Alandur Sub Registrar Office located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the stamp duty calculated for properties in Vellalar Street Main?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 50,00,000 would incur a stamp duty of Rs 3,50,000 at 7%.