Guideline Value for Velu Street (JPT)

Velu Street (JPT) guideline value

The current guideline value of Velu Street (JPT) is Rs 4,100 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO, classified as Residential Class IV Type - I.

How the guideline value of Velu Street (JPT) has changed

The guideline value for Velu Street (JPT) has seen several revisions over the years. The 2007 revision set the value at Rs 800 per sq.ft, which increased significantly to Rs 3,750 per sq.ft in 2012, marking a rise of 369%. However, this value dropped to Rs 2,512 per sq.ft in 2017, a decrease of 33%. The value then surged to Rs 3,750 per sq.ft in 2023, followed by a further increase to Rs 4,100 per sq.ft in the 2024 revision, reflecting a change of 9%.

From 2017 to 2023, there was a notable increase of 49%. Overall, from the 2007 revision to the current 2024 figure, the guideline value has increased by 413%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with 2024 guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing Velu Street (JPT) below this median value.

• Velu 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)
• Velmurugan Street (M.G.R.Nagar): Rs 3,300 per sq.ft (2024)
• Vengeeswarar Nagar 1st Cross Street: Rs 6,000 per sq.ft (2024)
• Vengeeswarar Nagar 1st Main Road: Rs 6,000 per sq.ft (2024)
• Vengeeswarar Nagar 2nd Cross Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Velu Street (JPT)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,100 per sq.ft, the total guideline value amounts to Rs 41,00,000. The stamp duty at 7% would be Rs 2,87,000, and the registration fee at 2% would be Rs 82,000, totaling Rs 3,69,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Velu Street (JPT)?

The Sub Registrar Office that covers Velu Street (JPT) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor in the property registration process in Kodambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is officially recognized and taxed appropriately.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees that must be paid. This ensures that both the buyer and seller are aware of the financial implications of the transaction based on the established guideline value.

Frequently asked questions

What is the current guideline value of Velu Street (JPT)?

The current guideline value of Velu Street (JPT) is Rs 4,100 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2007 revision, the guideline value has increased by 413% to the current value of Rs 4,100 per sq.ft in 2024.

What is the land classification for Velu Street (JPT)?

Velu Street (JPT) is classified as Residential Class IV Type - I.

Where can I find the Sub Registrar Office for Velu Street (JPT)?

The Sub Registrar Office for Velu Street (JPT) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in Velu Street (JPT)?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 41,00,000, the stamp duty would amount to Rs 2,87,000 at a rate of 7%.