Guideline Value for Ambedkar Street

Ambedkar Street guideline value

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

How the guideline value of Ambedkar Street has changed

The guideline value for Ambedkar Street has seen several revisions over the years. In 2007, the value was Rs 1,500 per sq.ft, which 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, reflecting 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, a 10% increase from the previous year.

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

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, placing Ambedkar Street's 2024 value below this median.

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

Stamp duty and registration fee for property in Ambedkar 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, and the registration fee at 2% would be Rs 66,000, resulting in a total of Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Ambedkar Street?

The Sub Registrar Office that covers Ambedkar 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

When buying or selling property in Velachery, the guideline value is used as a basis for calculating stamp duty and registration fees. It is essential to ensure that the property is registered at the guideline value or the sale price, whichever is higher, to comply with legal requirements.

The guideline value helps in determining the taxes payable during the registration process. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Ambedkar Street?

The current guideline value of Ambedkar 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, representing an overall increase of 120%.

What is the land classification for Ambedkar Street?

Ambedkar Street is classified as Residential Class III Type - I, indicating its suitability for residential development.

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

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

How is the stamp duty calculated for properties in Ambedkar Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at 7%.