Guideline Value for AMBEDKAR 2ND STREET

Ambedkar 2nd Street guideline value

The current guideline value of Ambedkar 2nd Street is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village under the Neelankarai SRO, classified as Residential Class V Type - I.

How the guideline value of Ambedkar 2nd Street has changed

The guideline value for Ambedkar 2nd Street has undergone several revisions over the years. In 2002, the guideline value was Rs 178 per sq.ft, which increased to Rs 199 per sq.ft in 2003. Following this, the value saw a significant rise to Rs 400 per sq.ft in 2007, and then it further increased to Rs 1,000 per sq.ft in 2012. However, there was a decrease to Rs 670 per sq.ft in 2017. The most recent revisions show an increase to Rs 1,000 per sq.ft in 2023, followed by the current value of Rs 1,100 per sq.ft in 2024.

From the 2017 revision to 2023, the guideline value increased by 49%. The value then rose by 10% from 2023 to 2024. Notably, the overall change from 2002 to 2024 reflects an increase of 518%. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Palavakkam

In Palavakkam village, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Ambedkar 2nd Street is below this median.

• Ambedkar 1st Street: Rs 1,100 per sq.ft (2024)
• A.M.Ali Street: Rs 1,700 per sq.ft (2024)
• All India Radio Staff Colony: Rs 2,200 per sq.ft (2024)
• All Indian Radio 4th Street: Rs 3,900 per sq.ft (2024)
• All Indian Radio 3rd Street: Rs 3,900 per sq.ft (2024)
• All Indian Radio 2nd Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Ambedkar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty would be charged at 7%, amounting to Rs 77,000, and the registration fee at 2% would be Rs 22,000, resulting in a total of Rs 99,000 for these charges. 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 Ambedkar 2nd Street?

The Sub Registrar Office that covers Ambedkar 2nd Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a critical factor in property transactions in Palavakkam. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid. It is essential for both buyers and sellers to be aware of the current guideline value to ensure compliance with the legal requirements during the registration process.

Additionally, the guideline value serves as a reference point for the valuation of the property. It helps in establishing a baseline for negotiations between buyers and sellers, ensuring that transactions are conducted within the framework set by the local authorities.

Frequently asked questions

What is the current guideline value of Ambedkar 2nd Street?

The current guideline value of Ambedkar 2nd Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 178 per sq.ft in 2002 to Rs 1,100 per sq.ft in 2024, reflecting an overall increase of 518% over the years.

What is the median guideline value in Palavakkam?

The median guideline value in Palavakkam is Rs 3,300 per sq.ft, with Ambedkar 2nd Street's current value being below this median.

What are the stamp duty and registration fees for property in Ambedkar 2nd Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 11,00,000, the total fees would amount to Rs 99,000.

Where is the Sub Registrar Office for Ambedkar 2nd Street located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.