Guideline Value for Vellalar Street

Vellalar Street guideline value

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

How the guideline value of Vellalar Street has changed

The guideline value of Vellalar Street has seen several revisions over the years. In 2002, the value was Rs 402 per sq.ft, which increased to Rs 604 per sq.ft in 2003. Following this, the value rose significantly to Rs 1,500 per sq.ft in 2007, and then to Rs 5,000 per sq.ft in 2012. However, it decreased to Rs 3,350 per sq.ft in 2017 before climbing back to Rs 5,000 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 5,500 per sq.ft.

In terms of percentage changes, the value increased by 50% from 2002 to 2003, then rose by 148% from 2003 to 2007. The value saw a significant increase of 233% from 2007 to 2012, but then experienced a decrease of 33% from 2012 to 2017. From 2017 to 2023, the value increased by 49%, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 1268%.

Guideline values in Mugappair

In Mugappair, there are 224 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft, with a median value of Rs 7,100 per sq.ft. Vellalar Street's 2024 figure of Rs 5,500 per sq.ft is below this median.

• Veeramamunivar Salai: Rs 5,500 per sq.ft (2024)
• Venugobal Samy Street @ Venugopal Street: Rs 7,100 per sq.ft (2024)
• Vandi Kalliamman Koil Street (a) Vandiamman Nagar: Rs 5,500 per sq.ft (2024)
• Veyalate Flats: Rs 7,100 per sq.ft (2024)
• V.G.N Avenue: Rs 7,100 per sq.ft (2024)
• V.G.N.Avenue Phase 2: Rs 7,100 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 would be 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, making the total fees together Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Vellalar Street?

The Sub Registrar Office that covers Vellalar Street is the Konnur Sub Registrar Office, located at Sub Register Office, 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 Mugappair

The guideline value is a crucial factor in the registration process when buying or selling property in Mugappair. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two figures is used to calculate the applicable fees. This ensures that the appropriate taxes are collected based on the value of the property.

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, starting from Rs 402 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1268% over the years.

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

Other streets in Mugappair include Veeramamunivar Salai and Vandi Kalliamman Koil Street (a) Vandiamman Nagar, both valued at Rs 5,500 per sq.ft in 2024, while Venugobal Samy Street @ Venugopal Street, Veyalate Flats, V.G.N Avenue, and V.G.N.Avenue Phase 2 are valued at Rs 7,100 per sq.ft.

How is stamp duty calculated for properties on Vellalar Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value results in a total guideline value of Rs 55,00,000, with applicable fees calculated accordingly.

Where can I find my Sub Registrar Office?

You can find your Sub Registrar Office by visiting the Konnur Sub Registrar Office located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. For more information, you can use the provided link to find your SRO.