Guideline Value for Velmurugan Nagar 6th Street

Velmurugan Nagar 6th Street guideline value

The current guideline value of Velmurugan Nagar 6th Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village under the Sembiam SRO, classified as Residential Class I Type - I.

How the guideline value of Velmurugan Nagar 6th Street has changed

Over the years, the guideline value of Velmurugan Nagar 6th Street has seen several revisions. The 2007 revision set the value at Rs 1,000 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in both the 2012 and 2023 revisions, showing no change during that period. The most recent revision in 2024 raised the value 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%. Notably, there are no figures available for the years 2002, 2003, and 2017 for this street in the register.

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 is the same as the guideline value for Velmurugan Nagar 6th Street.

• Velmurugan Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Velmurugan Nagar 7th Street: Rs 3,300 per sq.ft (2024)
• Velmurugan Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Velmurugan Nagar 8th Street: Rs 3,300 per sq.ft (2024)
• Velmurugan Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Velmurugan Nagar 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Velmurugan Nagar 6th 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, while the registration fee at 2% would be Rs 66,000, bringing the total fees to 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velmurugan Nagar 6th Street?

The Sub Registrar Office that covers Velmurugan Nagar 6th Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in property transactions in Kolathur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers often use this value to negotiate the sale price, ensuring that the transaction aligns with government regulations.

During the registration process, the guideline value is used to calculate applicable fees, including stamp duty and registration charges. This ensures that the financial aspects of the transaction are transparent and in accordance with legal requirements.

Frequently asked questions

What is the current guideline value of Velmurugan Nagar 6th Street?

The current guideline value of Velmurugan Nagar 6th Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2007 revision, the guideline value has increased from Rs 1,000 per sq.ft to Rs 3,300 per sq.ft in 2024, marking a total increase of 230% over the years.

What is the median guideline value for streets in Kolathur?

The median guideline value for streets in Kolathur is Rs 3,300 per sq.ft, which is the same as the guideline value for Velmurugan Nagar 6th Street.

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 the registration for Velmurugan Nagar 6th Street?

The Sembiam Sub Registrar Office handles the registration for Velmurugan Nagar 6th Street, located at 5, Papermills Road, Sembiam, Chennai - 600011.