Guideline Value for Vellalar Street

Vellalar Street guideline value

The current guideline value of Vellalar Street in Manancheri village, under the Kunrathur SRO, is Rs 1,320 per sq.ft, effective from 1 July 2024. This classification falls under Residential Special 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 2007 revision recorded a value of Rs 250 per sq.ft, which increased dramatically to Rs 1,200 per sq.ft in 2012, marking a 380% rise. However, the value decreased to Rs 804 per sq.ft in 2017, representing a 33% drop. The subsequent revisions saw an increase, with the 2023 figure at Rs 1,200 per sq.ft, followed by the current 2024 value of Rs 1,320 per sq.ft, reflecting a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 428%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Manancheri

In Manancheri, there are 59 streets under the Kunrathur SRO that carry a 2024 guideline value, ranging from Rs 550 to Rs 3,400 per sq.ft. The median value for these streets is Rs 990 per sq.ft, placing Vellalar Street's 2024 figure above this median.

• Vel Nagar: Rs 990 per sq.ft (2024)
• Vaniar Street: Rs 990 per sq.ft (2024)
• Vinayaga Avenue: Rs 990 per sq.ft (2024)
• Thirumalai Nagar: Rs 1,320 per sq.ft (2024)
• Sri Vidhyalakshmi Avenue: Rs 990 per sq.ft (2024)
• Srimathi Neelambal Nagar: Rs 990 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 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, leading to a total cost of Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, 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 Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Manancheri. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately and fairly.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees, which are essential for the legal transfer of ownership. This ensures that both parties are aware of the financial obligations 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 1,320 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 250 per sq.ft in 2007 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 428% over the years.

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

Other streets in Manancheri include Vel Nagar, Vaniar Street, and Vinayaga Avenue, all at Rs 990 per sq.ft, and Thirumalai Nagar at Rs 1,320 per sq.ft.

What are the stamp duty and registration fees for property in Vellalar Street?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 13,20,000, the total costs would amount to Rs 1,18,800.

Which Sub Registrar Office covers Vellalar Street?

The Kunrathur Sub Registrar Office covers Vellalar Street, located at No.59, Road Street, Kundrathur, Chennai -600 069.