Guideline Value for Velmurugan Nagar 1st Street

Velmurugan Nagar 1st Street guideline value

The current guideline value of Velmurugan Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village and falls under the Sembiam SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Velmurugan Nagar 1st Street has changed

The guideline value for Velmurugan Nagar 1st Street has seen several revisions over the years. The earliest recorded figure is from the 2007 revision, which was Rs 1,000 per sq.ft. This value increased significantly to Rs 3,000 per sq.ft in the 2012 revision. There was no figure available for the years 2002, 2003, and 2017. The 2023 revision maintained the value at Rs 3,000 per sq.ft, and in the 2024 revision, it increased to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 230%. The changes between the revisions are as follows: from 2007 to 2012, there was a substantial increase of 200%, while the value remained unchanged from 2012 to 2023. The increase from 2023 to 2024 was 10%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, which matches the 2024 figure for Velmurugan Nagar 1st Street.

• Velmurugan Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Velmurugan Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Velmurugan Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Velmurugan Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Velmurugan Nagar 6th Street: Rs 3,300 per sq.ft (2024)
• Velmurugan Nagar 7th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Velmurugan Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000. Together, the total cost for these fees would be Rs 2,97,000. 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 details on calculating these fees.

Which Sub Registrar Office covers Velmurugan Nagar 1st Street?

The Sub Registrar Office that covers Velmurugan Nagar 1st Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

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

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions, reflecting the market conditions in the area.

Frequently asked questions

What is the current guideline value of Velmurugan Nagar 1st Street?

The current guideline value of Velmurugan Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How often does the guideline value get revised?

The guideline value is revised periodically, with the most recent revision occurring in 2024. Other revisions were made in 2023, 2012, and 2007, among other years.

What was the guideline value in 2007?

The guideline value for Velmurugan Nagar 1st Street in 2007 was Rs 1,000 per sq.ft. This value has seen significant increases in subsequent revisions.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. This office handles registrations for properties in the area.

How is the stamp duty calculated for properties in Kolathur?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. This ensures that the government receives the appropriate fees during property transactions.