Guideline Value for Ambedkar Street

Ambedkar Street guideline value

The current guideline value of Ambedkar Street is Rs 550 per sq.ft, effective from 1 July 2024. This street is located in Sholavaram village, under the Redhills SRO, and is classified as Residential Class III Type - I.

How the guideline value of Ambedkar Street has changed

Ambedkar Street has seen several revisions in its guideline value over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 200 per sq.ft. This increased to Rs 500 per sq.ft in 2012, followed by a decrease to Rs 335 per sq.ft in 2017. The value then rose significantly to Rs 500 per sq.ft in 2023, and currently stands at Rs 550 per sq.ft as per the 2024 revision. Notably, there are no figures available for the revisions in 2002 and 2003 for this street.

From 2007 to 2012, the guideline value increased by 150%. However, it decreased by 33% from 2012 to 2017. The value then saw a substantial increase of 49% from 2017 to 2023, followed by a further increase of 10% from 2023 to 2024. Overall, the guideline value has increased by 175% from 2007 to 2024.

Guideline values in Sholavaram

In Sholavaram village, there are 98 streets under the Redhills SRO that have a 2024 guideline value ranging from Rs 515 to Rs 3,500 per sq.ft, with a median value of Rs 660 per sq.ft. Ambedkar Street's 2024 guideline value of Rs 550 per sq.ft is below this median.

• Anna Street: Rs 550 per sq.ft (2024)
• Arimaa Kvg Nagar: Rs 710 per sq.ft (2024)
• Asokar Street: Rs 550 per sq.ft (2024)
• At FUTURE CITY: Rs 550 per sq.ft (2024)
• Bajanai Koil Street: Rs 660 per sq.ft (2024)
• Balamurugan Nagar: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Ambedkar Street

For a 1,000 sq.ft plot on Ambedkar Street at the current guideline value of Rs 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, while the registration fee at 2% would be Rs 11,000, bringing the total cost for these fees to Rs 49,500. 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 further calculations.

Which Sub Registrar Office covers Ambedkar Street?

The Sub Registrar Office that covers Ambedkar Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Sholavaram, as it determines the minimum value at which a property can be sold or bought. This value is used to calculate the stamp duty and registration fees that need to be paid during the transaction.

When a buyer and seller agree on a sale price, the registration office will charge the stamp duty based on the higher of the guideline value or the agreed sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Ambedkar Street?

The current guideline value of Ambedkar Street is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 550 per sq.ft in 2024, reflecting an overall increase of 175% over the years.

What are the other streets in Sholavaram and their guideline values?

Other streets in Sholavaram include Anna Street and Asokar Street, both at Rs 550 per sq.ft, while Arimaa Kvg Nagar is at Rs 710 per sq.ft. Bajanai Koil Street has a guideline value of Rs 660 per sq.ft.

What are the stamp duty and registration fees for properties in Ambedkar Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 49,500 based on the current guideline value.

Which office handles property registration for Ambedkar Street?

The Redhills Sub Registrar Office handles property registration for Ambedkar Street. It is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.