Guideline Value for Velmurugan Nagar 8th Street

Velmurugan Nagar 8th Street guideline value

The current guideline value of Velmurugan Nagar 8th 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 8th Street has changed

The guideline value for Velmurugan Nagar 8th Street has seen several revisions over the years. The 2007 revision set the value at Rs 1,000 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012. However, this figure dropped to Rs 2,010 per sq.ft in the 2017 revision, before rising again to Rs 3,000 per sq.ft in 2023. The latest revision in 2024 has brought the value up 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 register has no figures for the years 2002 and 2003 for this street.

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, with the median value being Rs 3,300 per sq.ft. Velmurugan Nagar 8th Street's 2024 guideline value aligns with this median.

• Velmurugan Nagar 7th Street: Rs 3,300 per sq.ft (2024)
• Velmurugan Nagar 6th Street: Rs 3,300 per sq.ft (2024)
• Vel Murugan Nagar / Sri Vel Murugan Nagar: Rs 3,300 per sq.ft (2024)
• Velmurugan Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Velmurugan Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Velmurugan Nagar 3rd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Velmurugan Nagar 8th 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, 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.

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

Which Sub Registrar Office covers Velmurugan Nagar 8th Street?

The Sub Registrar Office that covers Velmurugan Nagar 8th 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 during the registration process of property transactions in Kolathur. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property.

When selling property, the guideline value is often referenced to ensure that the sale price is in line with the established values in the area. This helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Velmurugan Nagar 8th Street?

The current guideline value of Velmurugan Nagar 8th 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, representing a total increase of 230% over the years.

What is the land classification for Velmurugan Nagar 8th Street?

The land classification for Velmurugan Nagar 8th Street is Residential Class I Type - I.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated for property in Kolathur?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.