Guideline Value for Velmurugan Street

Velmurugan Street guideline value

The current guideline value of Velmurugan Street is Rs 1,760 per sq.ft, effective from 1 July 2024. This street is located in Pammal village, under the Pammal Sub Registrar Office (SRO), and is classified as Residential Class III Type - II.

How the guideline value of Velmurugan Street has changed

The guideline value for Velmurugan Street has seen significant changes over the years. In 2002, the guideline value was Rs 75 per sq.ft. This increased to Rs 85 per sq.ft in 2003, marking a 13% rise. By 2007, the value further increased to Rs 130 per sq.ft, which is a 53% increase from the previous revision. However, there are no figures available for the years 2012 and 2017.

In 2023, the guideline value was revised to Rs 1,600 per sq.ft, representing a substantial increase of 1,131% from 2007. The latest revision in 2024 saw the value rise to Rs 1,760 per sq.ft, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 2,247%.

Guideline values in Pammal

Pammal village has a total of 926 streets under the Pammal SRO, with guideline values in 2024 ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,090 per sq.ft, placing Velmurugan Street's 2024 guideline value below this median.

• Vellangani Street: Rs 1,760 per sq.ft (2024)
• Venkatachalam Street /Gandhi Nagar: Rs 2,475 per sq.ft (2024)
• Veeraragavan Street /Hindustan Lever Colony: Rs 2,530 per sq.ft (2024)
• Venkataraman Street /Gandhi Nagar: Rs 2,475 per sq.ft (2024)
• Venkataraman Street /VOC Nagar: Rs 2,750 per sq.ft (2024)
• Veerapandya Kattabooman Street / Muthumazhi Nagar: Rs 2,475 per sq.ft (2024)

Stamp duty and registration fee for property in Velmurugan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,760 per sq.ft, the total guideline value would be Rs 17,60,000. The stamp duty at 7% would amount to Rs 1,23,200, and the registration fee at 2% would be Rs 35,200, bringing the total fees to Rs 1,58,400. 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 detailed calculations.

Which Sub Registrar Office covers Velmurugan Street?

The Sub Registrar Office that covers Velmurugan Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Pammal. It serves as a benchmark for determining the official value of the property for registration purposes. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction process.

When a property is registered, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the transaction is recorded accurately and that the appropriate taxes are paid based on the established guideline value.

Frequently asked questions

What is the current guideline value of Velmurugan Street?

The current guideline value of Velmurugan Street is Rs 1,760 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 75 per sq.ft in 2002 to Rs 1,760 per sq.ft in 2024, reflecting an overall increase of 2,247% over the years.

What is the land classification of Velmurugan Street?

Velmurugan Street is classified as Residential Class III Type - II, indicating its designated use for residential purposes.

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

The Sub Registrar Office for Velmurugan Street is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How are stamp duty and registration fees calculated for properties in Pammal?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 1,58,400.