Guideline Value for Velu Street

Velu Street guideline value

The current guideline value of Velu Street in Madhavaram village, under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Velu Street has changed

The guideline value for Velu Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which remained unchanged until the 2023 revision. In 2023, the guideline value was revised to Rs 1,200 per sq.ft, and in the latest 2024 revision, it increased by 8% to Rs 1,300 per sq.ft. The register has no figures for the years 2002, 2003, 2007, and 2017.

Overall, from the 2012 revision to the current 2024 figure, there has been an 8% increase. This indicates a gradual adjustment in the guideline value for Velu Street over the years.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in the village is Rs 1,600 per sq.ft, placing Velu Street's 2024 figure below this median.

• Velan Nagar: Rs 2,200 per sq.ft (2024)
• Veerasamy Nagar (Ward-03): Rs 1,300 per sq.ft (2024)
• Veerasami Nagar: Rs 1,300 per sq.ft (2024)
• Veerapathiran Street (Ward-23): Rs 1,300 per sq.ft (2024)
• Veerapandian st (Ward No.22): Rs 1,300 per sq.ft (2024)
• Veerapandian Street (Ponniamman Medu): Rs 1,300 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 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, together totaling Rs 1,17,000. 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?

The Sub Registrar Office covering Velu Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government collects the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Velu Street?

The current guideline value of Velu Street is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Velu Street has increased from Rs 1,200 per sq.ft in 2012 to Rs 1,300 per sq.ft in 2024, marking an overall increase of 8% over this period.

What is the land classification for Velu Street?

Velu Street is classified as Residential Class III Type - I under the current land classification system.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.

How is stamp duty calculated for properties in Velu Street?

Stamp duty for properties in Velu Street is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft property at the current guideline value would incur a total stamp duty and registration fee of Rs 1,17,000.