Guideline Value for Ambedkar Nagar 2nd Street

Ambedkar Nagar 2nd Street guideline value

The current guideline value of Ambedkar Nagar 2nd 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 is classified as Residential Class III Type - I.

How the guideline value of Ambedkar Nagar 2nd Street has changed

The guideline value for Ambedkar Nagar 2nd Street has seen several revisions over the years. In 2007, the guideline value 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, in 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.

There are no figures available for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 120%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value range 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 2024 figure for Ambedkar Nagar 2nd Street below that median.

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

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be 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 higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ambedkar Nagar 2nd Street?

The Sub Registrar Office that covers Ambedkar Nagar 2nd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is officially recorded and that the government receives the necessary revenue from property transfers.

Frequently asked questions

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

The current guideline value of Ambedkar Nagar 2nd 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 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 this period.

What are the registration fees for property in Ambedkar Nagar 2nd Street?

The registration fees include a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification of Ambedkar Nagar 2nd Street?

Ambedkar Nagar 2nd Street is classified as Residential Class III Type - I.