Guideline Value for Velmurugan Nagar

Velmurugan Nagar guideline value

The current guideline value of Velmurugan Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Kilkattalai village under the Pallavaram SRO and is classified as Residential Class I Type - III.

How the guideline value of Velmurugan Nagar has changed

The guideline value for Velmurugan Nagar has seen several revisions over the years. The earliest recorded figure was Rs 233 per sq.ft in 2003, which increased to Rs 400 per sq.ft in 2007. Following that, the value rose significantly to Rs 2,000 per sq.ft in 2012, but then dropped to Rs 1,340 per sq.ft in 2017. The value then increased to Rs 2,000 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 2,200 per sq.ft. Notably, there is no figure available for the year 2002 in the register for this street.

In terms of percentage changes, the guideline value increased by 72% from 2003 to 2007, followed by a 400% increase from 2007 to 2012. However, there was a decrease of 33% from 2012 to 2017. The value then surged by 49% from 2017 to 2023 and increased by 10% from 2023 to 2024. Overall, from 2003 to 2024, the guideline value has risen by 844%.

Guideline values in Kilkattalai

Kilkattalai village has a total of 194 streets under the Pallavaram SRO, with the 2024 guideline values ranging from Rs 1,080 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,530 per sq.ft, placing Velmurugan Nagar's 2024 figure below the median.

• Vel Murugan Colony: Rs 2,200 per sq.ft (2024)
• Velswamy Nagar Extension: Rs 4,125 per sq.ft (2024)
• Veluswamy Nagar: Rs 3,300 per sq.ft (2024)
• Venkateswara Nagar: Rs 4,125 per sq.ft (2024)
• Venkateswara Nagar MAIN ROAD: Rs 4,125 per sq.ft (2024)
• Vallakottai Murugan Street: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Velmurugan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, resulting in a total of Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velmurugan Nagar?

The Sub Registrar Office that covers Velmurugan Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Kilkattalai. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling a property, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

During the registration process, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Velmurugan Nagar?

The current guideline value of Velmurugan Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 233 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 844% over that period.

What is the registration office for Velmurugan Nagar?

The registration office for Velmurugan Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What are the stamp duty rates for property transactions in Velmurugan Nagar?

The stamp duty for property transactions in Velmurugan Nagar is 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2%.

How does the guideline value affect property transactions?

The guideline value is used to determine the minimum value for property registration and calculates the stamp duty and registration fees. This ensures that all property transactions are valued consistently for taxation purposes.