Guideline Value for Vellalar Street

Vellalar Street guideline value

The current guideline value of Vellalar Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Vellalar Street has changed

The guideline value for Vellalar Street has seen several revisions over the years. In the 2007 revision, the guideline value was Rs 1,800 per sq.ft. This increased significantly to Rs 4,000 per sq.ft in both the 2012 and 2023 revisions, showing no change during that period. However, from 2023 to 2024, the value increased by 10% to reach Rs 4,400 per sq.ft.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 144%. Notably, there are no figures available for the years 2002, 2003, and 2017 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value among these streets is Rs 4,400 per sq.ft, which matches the current guideline value of Vellalar Street.

• Vel Nagar: Rs 3,850 per sq.ft (2024)
• Vel Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Vel Nagar 1st Street Lane: Rs 3,850 per sq.ft (2024)
• Vel Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Vel Nagar 2nd Street/E.B. Colony: Rs 4,400 per sq.ft (2024)
• Vel Nagar 3rd Street: Rs 3,850 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 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost for these fees to Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vellalar Street?

The Sub Registrar Office that covers Vellalar Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Velachery. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate applicable fees such as stamp duty and registration charges. It is essential for both parties to be aware of the current guideline value to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Vellalar Street?

The current guideline value of Vellalar Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,800 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 144%.

What is the land classification of Vellalar Street?

Vellalar Street is classified as Residential Class II Type - II.

Which Sub Registrar Office covers Vellalar Street?

The Velacheri Sub Registrar Office covers Vellalar Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Vellalar Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at 7%.