Guideline Value for Velmurugan Nagar

Velmurugan Nagar guideline value

The current guideline value of Velmurugan Nagar is Rs 650 per sq.ft, effective from 1 July 2024. This area is located in Achsaravakkam village, under the Thiruporur SRO, and is classified as Residential Class I Type - II.

How the guideline value of Velmurugan Nagar has changed

According to the guideline value register, the revisions for Velmurugan Nagar have remained consistent over the years. The 2017 revision set the guideline value at Rs 650 per sq.ft, which was unchanged in the 2023 revision, and continues to be Rs 650 per sq.ft in the 2024 revision. The register has no figures for the years 2002, 2003, 2007, and 2012.

Overall, there has been no change in the guideline value from 2017 to 2024, with a consistent rate of Rs 650 per sq.ft across these revisions. The changes between the revisions from 2023 to 2024 and from 2017 to 2023 also show an increase of 0%.

Guideline values in Achsaravakkam

In Achsaravakkam, there are four streets under the Thiruporur SRO that carry a 2024 guideline value, ranging from Rs 200 to Rs 650 per sq.ft. The median guideline value for these streets is Rs 250 per sq.ft, placing Velmurugan Nagar's 2024 figure above this median.

• Sri Sai Ram Nagar: Rs 200 per sq.ft (2024)
• S.P. Savundarapandian Nagar Phase-II: Rs 200 per sq.ft (2024)
• Jayalakshmi Nagar Prince Garden: Rs 300 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 650 per sq.ft, the total guideline value amounts to Rs 6,50,000. The stamp duty at 7% would be Rs 45,500, and the registration fee at 2% would be Rs 13,000, bringing the total cost to Rs 58,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your own fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velmurugan Nagar?

The Sub Registrar Office that covers Velmurugan Nagar is the Thiruporur Sub Registrar Office, located at No.29, South Mada Street, Thiruporur-603110, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Achsaravakkam. It is used to determine the stamp duty and registration fees payable at the time of property registration.

When buying or selling property, the guideline value ensures a standard valuation for tax purposes, helping to maintain transparency in property transactions. It is essential for buyers and sellers to be aware of this value to understand the financial implications of their property dealings.

Frequently asked questions

What is the current guideline value of Velmurugan Nagar?

The current guideline value of Velmurugan Nagar is Rs 650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Velmurugan Nagar has remained constant at Rs 650 per sq.ft since the 2017 revision through to the 2024 revision, with no changes noted in the intervening years.

What are the other streets in Achsaravakkam and their guideline values?

Other streets in Achsaravakkam include Sri Sai Ram Nagar at Rs 200 per sq.ft, S.P. Savundarapandian Nagar Phase-II at Rs 200 per sq.ft, and Jayalakshmi Nagar Prince Garden at Rs 300 per sq.ft, all for the year 2024.

What is the stamp duty rate for properties in Velmurugan Nagar?

The stamp duty rate for properties in Velmurugan Nagar is 7% of the guideline value or the sale price, whichever is higher.

Which office handles property registrations in Velmurugan Nagar?

The Thiruporur Sub Registrar Office handles property registrations in Velmurugan Nagar, located at No.29, South Mada Street, Thiruporur-603110, Chengalpattu registration zone.