Guideline Value for Ambedkar colony : -

Ambedkar colony : - guideline value

The current guideline value for Ambedkar colony : - is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is classified under Residential Class III Type - I and falls within the Velachery village, under the Velacheri SRO.

How the guideline value of Ambedkar colony : - has changed

The guideline value for Ambedkar colony : - has seen several revisions over the years. The earliest recorded value was Rs 1,500 per sq.ft in 2007. This increased significantly to Rs 3,000 per sq.ft in 2012, but then decreased to Rs 2,010 per sq.ft in 2017. Following this, the value rose to Rs 3,000 per sq.ft in 2023 and is now set at Rs 3,300 per sq.ft for the 2024 revision.

From 2017 to 2023, there was a notable increase of 49%. The value increased by 10% from 2023 to 2024. 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 with 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 colony : - below this median.

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

Stamp duty and registration fee for property in Ambedkar colony : -

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the 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, totaling Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Ambedkar colony : -?

The Sub Registrar Office that covers Ambedkar colony : - 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 a critical factor in the registration process when buying or selling property in Velachery. It serves as the basis for calculating stamp duty and registration fees, which are mandatory for property transactions.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to determine the applicable duties. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Ambedkar colony : -?

The current guideline value for Ambedkar colony : - 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, reflecting a total increase of 120% over the years.

What is the classification of land in Ambedkar colony : -?

Ambedkar colony : - is classified under Residential Class III Type - I.

Where can I find the Velacheri Sub Registrar Office?

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

How is stamp duty calculated for properties in Ambedkar colony : -?

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