Guideline Value for Velu Nagar 2nd Street

Velu Nagar 2nd Street guideline value

The current guideline value of Velu Nagar 2nd Street is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Peerklankaranai village, under the Tambaram Joint 1 SRO, and is classified as Residential Class II Type - I.

How the guideline value of Velu Nagar 2nd Street has changed

The guideline value for Velu Nagar 2nd Street has experienced several revisions over the years. The 2012 revision set the value at Rs 1,000 per sq.ft. This was followed by a decrease to Rs 670 per sq.ft in 2017. However, the value increased significantly to Rs 1,000 per sq.ft in the 2023 revision, and again to Rs 1,100 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The changes between revisions show a notable increase of 49% from 2017 to 2023, while there was a decrease of 33% from 2012 to 2017. The register has no figure for this street in the years 2002, 2003, and 2007.

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 for these streets is Rs 1,650 per sq.ft, placing Velu Nagar 2nd Street's 2024 figure below that median.

• Velu Nagar 1st 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total 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, bringing the total fees together to Rs 99,000. It is important to note that 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 information on fees.

Which Sub Registrar Office covers Velu Nagar 2nd Street?

The Sub Registrar Office that covers Velu Nagar 2nd 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 details.

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

The guideline value is a crucial factor in the registration of property transactions in Peerklankaranai. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the baseline value of the property. It is essential for buyers to be aware of the guideline value to avoid overpaying and for sellers to set a realistic price for their property.

Frequently asked questions

What is the current guideline value of Velu Nagar 2nd Street?

The current guideline value of Velu Nagar 2nd 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 changed 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 to Rs 1,100 per sq.ft in 2024.

What is the land classification for Velu Nagar 2nd Street?

Velu Nagar 2nd Street is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 and the registration fee would be Rs 22,000, totaling Rs 99,000.

Where is the Sub Registrar Office for Velu Nagar 2nd Street located?

The Sub Registrar Office for Velu Nagar 2nd Street is located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone.