Guideline Value for Vellalar Street

Vellalar Street guideline value

The current guideline value of Vellalar Street in Konnur village, under the Konnur SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class I Type - I.

How the guideline value of Vellalar Street has changed

Over the years, the guideline value of Vellalar Street has seen significant changes. The earliest recorded figure is from 2002, where the guideline value was Rs 352 per sq.ft. This value increased to Rs 382 per sq.ft in 2003, marking a 9% rise. The next substantial jump occurred in 2007, where the value surged to Rs 800 per sq.ft, reflecting an increase of 109%. In 2012, the guideline value rose to Rs 5,000 per sq.ft, a remarkable 525% increase from 2007. However, this value dropped to Rs 3,350 per sq.ft in 2017, representing a decrease of 33%.

From 2017 to 2023, the guideline value increased significantly to Rs 5,000 per sq.ft, a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 5,500 per sq.ft, marking a 10% increase from the previous year. There are no figures recorded for other revisions for this street.

Guideline values in Konnur

Konnur village has a total of 249 streets under the Konnur SRO, with guideline values ranging from Rs 2,750 to Rs 7,100 per sq.ft as of 2024. The median guideline value for these streets is Rs 3,800 per sq.ft, placing Vellalar Street's 2024 figure above this median.

• Vellerithangal Lane: Rs 3,800 per sq.ft (2024)
• Velumani Street: Rs 3,800 per sq.ft (2024)
• Veeraranga Street: Rs 3,800 per sq.ft (2024)
• Venture Garden: Rs 3,500 per sq.ft (2024)
• Vetriselvi Shri Ranga Street: Rs 5,500 per sq.ft (2024)
• Vettri Selvi Anbazhagan Nagar: Rs 5,500 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 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 fees 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vellalar Street?

The Sub Registrar Office that covers Vellalar Street is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Konnur. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. The higher of the guideline value or the sale price is considered for calculating these fees.

When registering a property, it is essential to be aware of the current guideline value to ensure that the correct fees are paid. This value is updated periodically, reflecting changes in the real estate market and local regulations.

Frequently asked questions

What is the current guideline value of Vellalar Street?

The current guideline value of Vellalar 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 352 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1463% over this period.

What is the land classification for Vellalar Street?

Vellalar Street is classified as Residential Class I Type - I, indicating its designation for residential use.

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

The Sub Registrar Office covering Vellalar Street is located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000, and the registration fee would be Rs 1,10,000.