Guideline Value for Velmurugan Nagar

Velmurugan Nagar guideline value

The current guideline value of Velmurugan Nagar is Rs 2,201 per sq.ft, effective from 1 July 2024. This locality is situated in Puthagaram village, under the Ambattur SRO, and is classified as Mixed Type - I land.

How the guideline value of Velmurugan Nagar has changed

The guideline value for Velmurugan Nagar has undergone several revisions over the years. The latest revision in 2024 set the value at Rs 2,201 per sq.ft, an increase from Rs 2,000 per sq.ft in 2023, marking a 10% rise. Prior to that, in 2017, the value was Rs 1,340 per sq.ft, reflecting a significant increase of 49% by 2023. The 2012 revision had the value at Rs 2,000 per sq.ft, which was a decrease of 33% from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 10%.

The register has no figures for the years 2002, 2003, and 2007 for this street. The available revisions show a clear progression in the guideline values, highlighting the changes over the years.

Guideline values in Puthagaram

Puthagaram village has 140 streets under the Ambattur SRO, with guideline values ranging from Rs 1,200 to Rs 3,800 per sq.ft as of 2024. The median value for these streets is Rs 1,900 per sq.ft, and Velmurugan Nagar's current value of Rs 2,201 per sq.ft is above this median.

• Velmurugan Nagar extention: Rs 2,201 per sq.ft (2024)
• Vetri Nagar: Rs 1,600 per sq.ft (2024)
• Vanavan Nagar Extention: Rs 2,200 per sq.ft (2024)
• Vanavan Nagar: Rs 2,200 per sq.ft (2024)
• Valluvar Street: Rs 1,600 per sq.ft (2024)
• Vallalar Street: Rs 1,600 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 2,201 per sq.ft, the total guideline value would be Rs 22,01,000. The stamp duty at 7% would amount to Rs 1,54,070, and the registration fee at 2% would be Rs 44,020. Together, the total cost for stamp duty and registration fee would be Rs 1,98,090. 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 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 Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Puthagaram. It is used to determine the stamp duty and registration fees that must be paid during the sale or purchase of property. Buyers and sellers should be aware of the guideline value to ensure compliance with local regulations.

When a property is registered, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable duties and fees, ensuring that both parties are aware of their financial obligations in the transaction.

Frequently asked questions

What is the current guideline value of Velmurugan Nagar?

The current guideline value of Velmurugan Nagar is Rs 2,201 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,340 per sq.ft in 2017 to Rs 2,201 per sq.ft in 2024, with various increments and decrements in between, including a 10% increase from 2023 to 2024.

What is the land classification of Velmurugan Nagar?

Velmurugan Nagar is classified as Mixed Type - I land, which indicates a mix of residential and commercial properties.

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

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

Where can I find the Sub Registrar Office for Velmurugan Nagar?

The Sub Registrar Office for Velmurugan Nagar is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.