Guideline Value for Ambedkar Nagar 1st Street

Ambedkar Nagar 1st Street guideline value

The current guideline value of Ambedkar Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and falls under the Residential Class III Type - I land classification.

How the guideline value of Ambedkar Nagar 1st Street has changed

The guideline value for Ambedkar Nagar 1st Street has seen several revisions over the years. The earliest recorded value is from 2007, which was Rs 1,500 per sq.ft. This increased to Rs 3,000 per sq.ft in 2012, marking a significant rise of 100%. However, by 2017, the value dropped to Rs 2,010 per sq.ft, a decrease of 33%. The value then increased to Rs 3,000 per sq.ft in 2023, followed by the latest revision in 2024, which set the value at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

There are no recorded figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 120%, showcasing the fluctuations in property valuation over the years.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, making the current value of Ambedkar Nagar 1st Street below the median.

• Ambedkar Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Ambedkar Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Ambedkar colony 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Ambedkar colony 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Ambedkar colony 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Ambedkar Nagar Main Salai: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Ambedkar Nagar 1st Street

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, while the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration would be Rs 2,97,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ambedkar Nagar 1st Street?

The Sub Registrar Office that covers Ambedkar Nagar 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is an essential factor during the registration of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which the property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is crucial for buyers to be aware of this value to avoid overpaying and for sellers to price their properties competitively within the market.

Frequently asked questions

What is the current guideline value of Ambedkar Nagar 1st Street?

The current guideline value of Ambedkar Nagar 1st Street 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 1,500 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 120% over the years.

What is the median guideline value in Velachery?

The median guideline value in Velachery is Rs 4,400 per sq.ft, while Ambedkar Nagar 1st Street's current value is below this median.

What are the stamp duty and registration fees for a property in Ambedkar Nagar 1st Street?

The stamp duty for a property valued at Rs 33,00,000 would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Where can I find the Sub Registrar Office for Ambedkar Nagar 1st Street?

The Sub Registrar Office for Ambedkar Nagar 1st Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.