Guideline Value for Velumani Street

Velumani Street guideline value

The current guideline value of Velumani Street in Konnur village, under the Konnur SRO, is Rs 3,800 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Velumani Street has changed

The guideline value of Velumani Street has seen several revisions over the years. The earliest recorded figure is from 2002, which was Rs 378 per sq.ft. This value increased to Rs 410 per sq.ft in 2003, marking a change of +8%. The guideline value then rose significantly to Rs 800 per sq.ft in 2007, an increase of +95%. In 2012, it remained at Rs 3,500 per sq.ft, showing no figure for that year in the register. However, from 2012 to 2017, it decreased to Rs 2,345 per sq.ft, a decline of -33%. The value then increased to Rs 3,500 per sq.ft in 2023, followed by a rise to the current value of Rs 3,800 per sq.ft in 2024, reflecting a change of +9%.

Overall, from 2002 to 2024, the guideline value has increased by +905%. The register does not have figures for the years not mentioned, so any assumptions about those years cannot be made.

Guideline values in Konnur

In Konnur, there are 249 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 7,100 per sq.ft. The median value is Rs 3,800 per sq.ft, which is the same as the guideline value for Velumani Street. Below are some other streets in Konnur:

• Vellerithangal Lane: Rs 3,800 per sq.ft (2024)
• Vellalar Street: Rs 5,500 per sq.ft (2024)
• Veeraranga Street: Rs 3,800 per sq.ft (2024)
• Venture Garden: Rs 3,500 per sq.ft (2024)
• Vetriselvi Shri Ranga Street: Rs 5,500 per sq.ft (2024)
• Vettri Selvi Anbazhagan Nagar: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Velumani Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty, charged at 7%, would be Rs 2,66,000, while the registration fee at 2% would be Rs 76,000. Together, these fees would total Rs 3,42,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Velumani Street?

The Sub Registrar Office that covers Velumani Street is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value is an essential factor when registering property transactions in Konnur. It serves as a reference point for calculating stamp duty and registration fees, which are mandatory during the buying and selling process.

When a property is sold, the guideline value is used to determine the applicable fees, ensuring that both buyers and sellers comply with legal requirements. It is crucial to be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Velumani Street?

The current guideline value of Velumani Street is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 378 per sq.ft in 2002 to Rs 3,800 per sq.ft in 2024, reflecting an overall increase of +905% over the years.

What are the stamp duty and registration fees for property in Velumani Street?

For a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000, and the registration fee would be Rs 76,000, totaling Rs 3,42,000.

Which Sub Registrar Office covers Velumani Street?

The Konnur Sub Registrar Office covers Velumani Street, located at Sub Register Office, Villivakkam Panchat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

What is the land classification for Velumani Street?

The land classification for Velumani Street is Residential Class II Type - I, indicating its suitability for residential development.