Guideline Value for Velmurugan Nagar 3rd Street

Velmurugan Nagar 3rd Street guideline value

The current guideline value of Velmurugan Nagar 3rd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village, under the Sembiam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Velmurugan Nagar 3rd Street has changed

The guideline value for Velmurugan Nagar 3rd Street has undergone several revisions over the years. The earliest recorded revision was in 2007, where the value was Rs 1,000 per sq.ft. This increased significantly to Rs 3,000 per sq.ft in 2012, marking a 200% rise. The value remained unchanged at Rs 3,000 per sq.ft until the next revision in 2023.

In 2023, the guideline value was updated to Rs 3,300 per sq.ft, reflecting a 10% increase. The current guideline value of Rs 3,300 per sq.ft, effective from 1 July 2024, indicates an overall increase of 230% from the 2007 revision.

Guideline values in Kolathur

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

• Velmurugan Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Velmurugan Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Velmurugan Nagar 1st 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 3rd 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, making the total cost 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 our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Velmurugan Nagar 3rd Street?

The Sub Registrar Office that covers Velmurugan Nagar 3rd 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 plays a crucial role in property transactions in Kolathur. It is used to determine the stamp duty and registration fees applicable during the buying or selling of property. Buyers and sellers must refer to the guideline value to ensure compliance with legal requirements during registration.

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

Frequently asked questions

What is the current guideline value of Velmurugan Nagar 3rd Street?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 230%.

What is the land classification for Velmurugan Nagar 3rd Street?

Velmurugan Nagar 3rd Street is classified as Residential Class I Type - I.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles registrations for Velmurugan Nagar 3rd Street?

The Sembiam Sub Registrar Office at 5, Papermills Road, Sembiam, Chennai - 600011 handles registrations for Velmurugan Nagar 3rd Street.