Guideline Value for Vellalar Street

Vellalar Street guideline value

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

How the guideline value of Vellalar Street has changed

The guideline value for Vellalar Street has seen significant changes over the years. The 2017 revision set the value at Rs 3,350 per sq.ft. This increased to Rs 5,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 has further increased the value to Rs 5,500 per sq.ft, a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in 1. Nolambur

In 1. Nolambur, there are a total of 73 streets under the Villivakkam SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 7,100 per sq.ft, making Vellalar Street's 2024 figure below that median.

• Vembuliamman Koil Street: Rs 3,300 per sq.ft (2024)
• V.G.N.Aster: Rs 7,100 per sq.ft (2024)
• V.G.N Avenue Phase IV: Rs 7,100 per sq.ft (2024)
• V.G.N Enclave: Rs 7,100 per sq.ft (2024)
• V.G.N Garden: Rs 7,100 per sq.ft (2024)
• V.G.N LA Parisienme: 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, 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.

You can use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Vellalar Street?

The Sub Registrar Office that covers Vellalar Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

How the guideline value is used when you buy or sell in 1. Nolambur

The guideline value plays a crucial role in property transactions in 1. Nolambur. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

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 much has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 3,350 per sq.ft to Rs 5,500 per sq.ft in 2024, representing a total increase of 64% over this period.

What are the other streets in 1. Nolambur with their guideline values?

Other streets in 1. Nolambur include Vembuliamman Koil Street at Rs 3,300 per sq.ft and several streets at Rs 7,100 per sq.ft, including V.G.N.Aster and V.G.N Avenue Phase IV.

What fees are involved in purchasing property on Vellalar Street?

When purchasing property on Vellalar Street, buyers should expect to pay stamp duty at 7% and a registration fee at 2% based on the higher of the guideline value or the sale price.

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

The Sub Registrar Office for Vellalar Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.