Guideline Value for Veluswamy Nagar

Veluswamy Nagar guideline value

The current guideline value of Veluswamy Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Kilkattalai village, under the Pallavaram Sub Registrar Office (SRO), with a land classification of Mixed Type - II.

How the guideline value of Veluswamy Nagar has changed

The guideline value for Veluswamy Nagar has seen significant revisions over the years. In 2003, the guideline value was Rs 90 per sq.ft, which increased to Rs 300 per sq.ft in 2007. Following this, in 2012, the value rose sharply to Rs 3,000 per sq.ft, but then decreased to Rs 2,010 per sq.ft in 2017. The value further increased to Rs 3,000 per sq.ft in 2023, and now stands at Rs 3,300 per sq.ft as of the 2024 revision. The register has no figure for this street in 2002.

Examining the changes, from 2003 to 2007, there was a remarkable increase of 233%. However, from 2012 to 2017, the value dropped by 33%. The most significant rise occurred from 2017 to 2023, with an increase of 49%. The overall change from 2003 to 2024 shows a substantial increase of 3567% in the guideline value.

Guideline values in Kilkattalai

In Kilkattalai village, there are 194 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 1,080 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,530 per sq.ft, placing Veluswamy Nagar's 2024 figure above this median.

• Velswamy Nagar Extension: Rs 4,125 per sq.ft (2024)
• Velmurugan Nagar: Rs 2,200 per sq.ft (2024)
• Vel Murugan Colony: Rs 2,200 per sq.ft (2024)
• Venkateswara Nagar: Rs 4,125 per sq.ft (2024)
• Venkateswara Nagar MAIN ROAD: Rs 4,125 per sq.ft (2024)
• Vallakottai Murugan Street: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Veluswamy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that the 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 Veluswamy Nagar?

The Sub Registrar Office that covers Veluswamy Nagar 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 information.

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

The guideline value plays a crucial role when buying or selling property in Kilkattalai. It is used to determine the stamp duty and registration fees applicable during the registration process. Buyers and sellers must be aware of the guideline value to ensure compliance with the legal requirements during property transactions.

When a property is sold, the guideline value is compared with the sale price, and the higher amount is used to calculate the stamp duty. This ensures that the transaction is accurately recorded and that the appropriate fees are collected by the authorities.

Frequently asked questions

What is the current guideline value of Veluswamy Nagar?

The current guideline value of Veluswamy Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 90 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, with various increases and decreases in between.

What is the registration office for Veluswamy Nagar?

The registration office for Veluswamy Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated in Veluswamy Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at 7%.

What are the other streets in Kilkattalai?

Other streets in Kilkattalai include Velswamy Nagar Extension, Velmurugan Nagar, Vel Murugan Colony, Venkateswara Nagar, and Vallakottai Murugan Street, each with their respective guideline values for 2024.