Guideline Value for West velalar street

West velalar street guideline value

The current guideline value of West velalar street is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village under the Alandur SRO, classified as Residential Class I Type - I.

How the guideline value of West velalar street has changed

In the 2012 revision, the guideline value was Rs 4,500 per sq.ft. This figure decreased to Rs 3,015 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 4,500 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 5,000 per sq.ft, which is an increase of 11% from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for West velalar street. Overall, from 2012 to 2024, the guideline value has increased by 11%.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO with 2024 guideline values ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value is Rs 3,900 per sq.ft, placing West velalar street's 2024 figure above this median.

• West Karikalan Street: Rs 3,900 per sq.ft (2024)
• West Karikalan 2nd Street: Rs 3,900 per sq.ft (2024)
• West Karikalan 1st Street: Rs 3,900 per sq.ft (2024)
• Yadhaval Lane: Rs 3,900 per sq.ft (2024)
• Yadhaval street: Rs 3,900 per sq.ft (2024)
• Yamuna Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in West velalar street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value amounts to Rs 50,00,000. The stamp duty at 7% would be Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, bringing the total fees to Rs 4,50,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers West velalar street?

The Sub Registrar Office that covers West velalar street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Adambakkam, as it determines the minimum value at which properties can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration process will require adherence to the guideline value set by the authorities.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of West velalar street?

The current guideline value of West velalar street is Rs 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed as follows: Rs 4,500 per sq.ft in 2012, decreased to Rs 3,015 per sq.ft in 2017, increased to Rs 4,500 per sq.ft in 2023, and finally to Rs 5,000 per sq.ft in 2024.

What is the land classification for West velalar street?

West velalar street is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in West velalar street?

For a property valued at Rs 50,00,000, the stamp duty would be Rs 3,50,000 and the registration fee would be Rs 1,00,000, totaling Rs 4,50,000.

Which office handles property registrations for West velalar street?

The Alandur Sub Registrar Office handles property registrations for West velalar street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.