Guideline Value for Velu Nagar 1st Street

Velu Nagar 1st Street guideline value

The current guideline value of Velu Nagar 1st Street is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Peerklankaranai village and falls under the Tambaram Joint 1 SRO, classified as Residential Class II Type - I.

How the guideline value of Velu Nagar 1st Street has changed

In the 2012 revision, the guideline value was Rs 1,000 per sq.ft. This figure decreased to Rs 670 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 1,000 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 set the value at Rs 1,100 per sq.ft, which is a 10% increase from the previous year.

The register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Peerklankaranai

In Peerklankaranai, there are 322 streets under the Tambaram Joint 1 SRO with a 2024 guideline value ranging from Rs 880 to Rs 4,400 per sq.ft. The median value is Rs 1,650 per sq.ft, making the guideline value of Velu Nagar 1st Street below that median.

• Velu Nagar 2nd Street: Rs 1,100 per sq.ft (2024)
• Velu Nagar 3rd Street: Rs 1,100 per sq.ft (2024)
• Velu Nagar 4th Cross Street: Rs 1,100 per sq.ft (2024)
• Velu Nagar 4th Street: Rs 1,100 per sq.ft (2024)
• Velu Nagar 5th Street: Rs 1,100 per sq.ft (2024)
• Venkataswami 1st Cross Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Velu Nagar 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 1,100 per sq.ft, the guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velu Nagar 1st Street?

The Sub Registrar Office that covers Velu Nagar 1st Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Peerklankaranai

The guideline value is a crucial factor when registering property transactions in Peerklankaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property dealings.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Velu Nagar 1st Street?

The current guideline value of Velu Nagar 1st Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then back to Rs 1,000 per sq.ft in 2023, and finally reaching Rs 1,100 per sq.ft in 2024.

What is the median guideline value in Peerklankaranai?

The median guideline value in Peerklankaranai is Rs 1,650 per sq.ft, with Velu Nagar 1st Street's value being below this median.

What are the stamp duty rates for property in Velu Nagar 1st Street?

The stamp duty for property transactions in Velu Nagar 1st Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Velu Nagar 1st Street?

The Sub Registrar Office for Velu Nagar 1st Street is located at No.26, Mes Road, East Tambaram, Chennai-600059, under the Chengalpattu registration zone.