Guideline Value for Velu Street (W.M.)

Velu Street (W.M.) guideline value

The current guideline value of Velu Street (W.M.) is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village under the Ashok Nagar SRO, classified as Residential Class II Type - II.

How the guideline value of Velu Street (W.M.) has changed

Over the years, the guideline value of Velu Street (W.M.) has seen significant changes. In the 2007 revision, the guideline value was Rs 1,460 per sq.ft. This increased dramatically to Rs 6,000 per sq.ft in the 2012 revision, marking a rise of 311%. However, in the 2017 revision, the value dropped to Rs 4,020 per sq.ft, a decrease of 33%. The value then rose to Rs 6,000 per sq.ft in the 2023 revision, followed by an increase to Rs 6,600 per sq.ft in the 2024 revision, reflecting a 10% increase.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from 2007 to 2024, the guideline value has risen by 352%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kodambakkam

Kodambakkam village features a total of 1,031 streets under the Ashok Nagar SRO, with 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 (W.M.)'s 2024 figure above this median.

• Velu Street (JPT): Rs 4,100 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 (W.M.)

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, resulting in a total of Rs 5,94,000. 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 Street (W.M.)?

The Sub Registrar Office that covers Velu Street (W.M.) 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 details.

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

When buying or selling property in Kodambakkam, the guideline value plays a crucial role during the registration process. The guideline value is used to determine the stamp duty and registration fees, which are mandatory for property transactions. This ensures that the transaction is officially recorded and that the appropriate taxes are collected by the government.

It is essential for buyers and sellers to be aware of the guideline value as it reflects the minimum value at which a property can be registered. This value helps in maintaining transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Velu Street (W.M.)?

The current guideline value of Velu Street (W.M.) is Rs 6,600 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,460 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, representing an overall increase of 352% over the years.

What is the classification of land on Velu Street (W.M.)?

Velu Street (W.M.) is classified as Residential Class II Type - II, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for Velu Street (W.M.)?

The Ashok Nagar Sub Registrar Office covers Velu Street (W.M.) and is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties on Velu Street (W.M.)?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 66,00,000 would incur a stamp duty of Rs 4,62,000.