Guideline Value for Vellalar Street

Vellalar Street guideline value

The current guideline value of Vellalar Street in Tharapakkam village is Rs 1,100 per sq.ft, effective from 1 July 2024. This street falls under the Pammal SRO and is classified as Residential Class I Type - I.

How the guideline value of Vellalar Street has changed

The guideline value for Vellalar Street has undergone several revisions over the years. The earliest recorded figure is from the 2017 revision, which was Rs 670 per sq.ft. This increased to Rs 1,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The latest revision in 2024 has set the guideline value at Rs 1,100 per sq.ft, reflecting a 10% increase from the previous year.

There are no recorded figures for the years 2002, 2003, 2007, and 2012 for Vellalar Street. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%.

Guideline values in Tharapakkam

In Tharapakkam village, there are 47 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 5,000 per sq.ft. The median guideline value for these streets is Rs 1,100 per sq.ft, which is equal to the current figure for Vellalar Street.

• Vgn Highland: Rs 3,575 per sq.ft (2024)
• Victorial Nagar: Rs 1,100 per sq.ft (2024)
• Vignesh Nagar: Rs 1,100 per sq.ft (2024)
• Vigneshwara Nagar: Rs 1,100 per sq.ft (2024)
• Vigneshwara Nagar Annexe: Rs 1,100 per sq.ft (2024)
• Sri Krishna Garden: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Vellalar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, resulting in a total of Rs 99,000. 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 detailed calculations.

Which Sub Registrar Office covers Vellalar Street?

The Vellalar Street falls under the jurisdiction of the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role during the registration of property transactions in Tharapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, it is essential to consider the guideline value, as it may influence the sale price and the associated costs. Buyers should be aware that the duty is charged based on the higher of the guideline value or the sale price, which can affect the overall expenses involved in the transaction.

Frequently asked questions

What is the current guideline value of Vellalar Street?

The current guideline value of Vellalar Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 670 per sq.ft in 2017 to Rs 1,100 per sq.ft in 2024, representing a total increase of 64% over this period.

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

Other streets in Tharapakkam include Vgn Highland at Rs 3,575 per sq.ft, Victorial Nagar, Vignesh Nagar, Vigneshwara Nagar, and Vigneshwara Nagar Annexe all at Rs 1,100 per sq.ft, and Sri Krishna Garden at Rs 1,980 per sq.ft.

What is the stamp duty rate for properties in Vellalar Street?

The stamp duty rate for properties in Vellalar Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Vellalar Street?

The Sub Registrar Office covering Vellalar Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.