Guideline Value for Velu Street

Velu Street guideline value

The current guideline value of Velu Street, located in Zaminpallavaram village under the Pallavaram SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Velu Street has changed

The guideline value for Velu Street has undergone several revisions over the years. In 2003, the value was Rs 146 per sq.ft, which increased significantly to Rs 600 per sq.ft in 2007. The value then rose dramatically to Rs 2,500 per sq.ft in 2012, before dropping to Rs 1,675 per sq.ft in 2017. By 2023, the value had increased to Rs 2,500 per sq.ft, and the most recent revision in 2024 set the value at Rs 2,750 per sq.ft. Notably, there is no figure available for the year 2002 in the register for this street.

Between the revisions, the guideline value saw various changes. From 2003 to 2007, there was an increase of +311%. However, from 2012 to 2017, the value decreased by -33%. The value then increased by +49% from 2017 to 2023, followed by a +10% rise from 2023 to 2024. Overall, the guideline value has increased by +1784% from 2003 to 2024.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Velu Street's 2024 figure below this median.

• Vembuliamman Koil 1st Street: Rs 3,850 per sq.ft (2024)
• Vembuliamman Koil 2nd Back Street: Rs 3,850 per sq.ft (2024)
• Vembuliamman Koil 2nd Street: Rs 3,850 per sq.ft (2024)
• Vembuliamman Koil 3rd Street: Rs 3,850 per sq.ft (2024)
• Vembuliamman Koil 4th Street: Rs 3,850 per sq.ft (2024)
• Vembuliamman Koil 5th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Velu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. 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?

The Sub Registrar Office that covers Velu Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Zaminpallavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the correct amount of revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Velu Street?

The current guideline value of Velu Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 146 per sq.ft in 2003 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of +1784% over the years.

What is the land classification of Velu Street?

Velu Street is classified as Residential Class II Type - I, which indicates its suitability for residential purposes.

What are the stamp duty rates for properties in Velu Street?

The stamp duty for properties in Velu Street is charged at 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% applies.

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

The Sub Registrar Office for Velu Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.