Guideline Value for Velmurugan Nagar

Velmurugan Nagar guideline value

The current guideline value of Velmurugan Nagar is Rs 1,540 per sq.ft, effective from 1 July 2024. This area is located in Kunrathour-B village, which falls under the Kunrathur SRO. The land classification for this street is Residential Special Type - I.

How the guideline value of Velmurugan Nagar has changed

In the 2017 revision, the guideline value was Rs 938 per sq.ft. This figure increased to Rs 1,400 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 set the guideline value at Rs 1,540 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Kunrathour-B

In Kunrathour-B, there are 325 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 660 to Rs 5,130 per sq.ft. The median guideline value for these streets is Rs 1,540 per sq.ft, which is equal to the current guideline value of Velmurugan Nagar.

• Vel Nagar / Extension: Rs 2,090 per sq.ft (2024)
• Velan Nagar: Rs 1,540 per sq.ft (2024)
• Varsha Nagar Annexe: Rs 1,540 per sq.ft (2024)
• Varsha Nagar: Rs 1,540 per sq.ft (2024)
• Ventasubramaniyan Nagar: Rs 1,540 per sq.ft (2024)
• Vannia Street: Rs 1,540 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 1,540 per sq.ft, the total guideline value amounts to Rs 15,40,000. The stamp duty at 7% would be Rs 1,07,800, while the registration fee at 2% would be Rs 30,800. Together, these fees would total Rs 1,38,600. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velmurugan Nagar?

The Sub Registrar Office that covers Velmurugan Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Kunrathour-B

The guideline value serves as a benchmark for property transactions in Kunrathour-B. When a property is registered, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the authorities.

Buyers and sellers should be aware that the guideline value may differ from the actual sale price. However, the registration process will charge fees based on the higher of the two values, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Velmurugan Nagar?

The current guideline value of Velmurugan Nagar is Rs 1,540 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 938 per sq.ft to Rs 1,540 per sq.ft in 2024, marking an overall increase of 64% over these years.

What is the land classification of Velmurugan Nagar?

Velmurugan Nagar is classified as Residential Special Type - I, indicating its designation for residential development.

How is stamp duty calculated for properties in Velmurugan Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 15,40,000, the stamp duty would be Rs 1,07,800 at 7%.

Which office handles property registrations in Velmurugan Nagar?

The Kunrathur Sub Registrar Office handles property registrations for Velmurugan Nagar, located at No.59, Road Street, Kundrathur, Chennai -600 069.