Guideline Value for Velu Nagar 5th Street

Velu Nagar 5th Street guideline value

The current guideline value of Velu Nagar 5th 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 falls under the Residential Class II Type - I land classification.

How the guideline value of Velu Nagar 5th Street has changed

The guideline value for Velu Nagar 5th Street has seen several revisions over the years. The earliest recorded figure is from 2012, where the guideline value was Rs 1,000 per sq.ft. This was followed by a decrease to Rs 670 per sq.ft in 2017. In 2023, the value increased to Rs 1,000 per sq.ft, and the most recent revision in 2024 set the value at Rs 1,100 per sq.ft. There are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it increased significantly by 49%. The overall change from 2012 to 2024 shows a modest increase of 10% in the guideline value.

Guideline values in Peerklankaranai

In Peerklankaranai, there are 322 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 4,400 per sq.ft, with a median value of Rs 1,650 per sq.ft. The guideline value for Velu Nagar 5th Street is below this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total to Rs 99,000. 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 Velu Nagar 5th Street?

The Sub Registrar Office that covers Velu Nagar 5th 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 component in the registration process when buying or selling property in Peerklankaranai. It serves as the basis for calculating the stamp duty and registration fees, which are mandatory during the registration of property transactions.

Frequently asked questions

What is the current guideline value of Velu Nagar 5th Street?

The current guideline value of Velu Nagar 5th 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 5th Street?

Velu Nagar 5th Street is classified as Residential Class II Type - I land, which is suitable for residential development.

Where can I find the Sub Registrar Office for Velu Nagar 5th Street?

The Sub Registrar Office for Velu Nagar 5th Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 11,00,000 would incur a stamp duty of Rs 77,000 at 7%.