Guideline Value for Velmurugan Street (M.G.R.Nagar)

Velmurugan Street (M.G.R.Nagar) guideline value

The current guideline value of Velmurugan Street (M.G.R.Nagar) is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village, under the Ashok Nagar SRO, and falls under the Residential Class IV Type - II land classification.

How the guideline value of Velmurugan Street (M.G.R.Nagar) has changed

In the 2012 revision, the guideline value was Rs 3,000 per sq.ft. This figure remained unchanged until the 2023 revision, where it was again Rs 3,000 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 3,300 per sq.ft, reflecting a change of +10% from the previous year. Overall, from 2012 to 2024, the guideline value has increased by +10%.

There are no figures available for the revisions in 2002, 2003, 2007, and 2017 for Velmurugan Street (M.G.R.Nagar). The only revisions with figures are from 2012, 2023, and 2024.

Guideline values in Kodambakkam

In Kodambakkam village, there are 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, placing Velmurugan Street's 2024 figure below that median.

• Vellalar Street (W.M): Rs 6,600 per sq.ft (2024)
• Velunachiyar Street S.No. 352/1 (M.G.R.Nagar): Rs 3,300 per sq.ft (2024)
• Velu Street (JPT): Rs 4,100 per sq.ft (2024)
• Velu Street (W.M.): Rs 6,600 per sq.ft (2024)
• Velayutham Street (S.No. 394/2): Rs 3,300 per sq.ft (2024)
• Vengeeswarar Nagar 1st Cross Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Velmurugan Street (M.G.R.Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velmurugan Street (M.G.R.Nagar)?

The Sub Registrar Office that covers Velmurugan Street (M.G.R.Nagar) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Kodambakkam. It serves as a benchmark for determining the stamp duty and registration fees that are applicable when buying or selling property.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Velmurugan Street (M.G.R.Nagar)?

The current guideline value of Velmurugan Street (M.G.R.Nagar) 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 3,000 per sq.ft in 2012 to Rs 3,300 per sq.ft in 2024, reflecting a +10% increase overall. There were no changes recorded for the years 2002, 2003, 2007, and 2017.

What is the land classification of Velmurugan Street (M.G.R.Nagar)?

Velmurugan Street (M.G.R.Nagar) falls under the Residential Class IV Type - II land classification.

Where can I find the Sub Registrar Office for Velmurugan Street (M.G.R.Nagar)?

The Ashok Nagar Sub Registrar Office covers Velmurugan Street (M.G.R.Nagar) and is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for property in Velmurugan Street (M.G.R.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 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.