Guideline Value for Ambethkar Street (ward 2)

Ambethkar Street (ward 2) guideline value

The current guideline value of Ambethkar Street (ward 2) is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Tharapakkam village under the Pammal Sub Registrar Office (SRO) and falls under Residential Class I Type - I land classification.

How the guideline value of Ambethkar Street (ward 2) has changed

The guideline value for Ambethkar Street (ward 2) has seen several revisions over the years. The 2017 revision set the value at Rs 670 per sq.ft. In the subsequent 2023 revision, this value increased to Rs 1,000 per sq.ft, marking a significant rise of 49%. The most recent revision in 2024 further increased the guideline value to Rs 1,100 per sq.ft, which is a 10% increase from the previous year.

It is important to note that the register has no figures for Ambethkar Street for the years 2002, 2003, 2007, and 2012. Overall, from the 2017 revision to the 2024 revision, there has been a total increase of 64% in the guideline value.

Guideline values in Tharapakkam

In Tharapakkam, there are 47 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 5,000 per sq.ft. The median guideline value for these streets is Rs 1,100 per sq.ft, which is equal to the current value of Ambethkar Street (ward 2).

• Ambethkar Street (ward 3): Rs 1,100 per sq.ft (2024)
• Ambethkar Street (ward 4): Rs 1,100 per sq.ft (2024)
• Amman Koil Street (ward 5): Rs 990 per sq.ft (2024)
• Amman Koil Street (ward 7): Rs 990 per sq.ft (2024)
• Alex Nagar: Rs 1,100 per sq.ft (2024)
• Abhirudhi Avenue: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Ambethkar Street (ward 2)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty charged at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, making the total cost for these fees Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Ambethkar Street (ward 2)?

The Sub Registrar Office that covers Ambethkar Street (ward 2) is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Tharapakkam. It determines the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees payable at the time of registration. Buyers and sellers must be aware of this value to ensure compliance with legal requirements during property transactions.

When a property is sold, the guideline value helps in establishing a baseline for the transaction price. This ensures that the government receives appropriate revenue from stamp duties, which are calculated based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Ambethkar Street (ward 2)?

The current guideline value of Ambethkar Street (ward 2) is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 670 per sq.ft in 2017 to Rs 1,000 per sq.ft in 2023, and then to Rs 1,100 per sq.ft in 2024. This represents an overall increase of 64% from 2017 to 2024.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 and the registration fee would be Rs 22,000, totaling Rs 99,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations for Ambethkar Street (ward 2)?

The Pammal Sub Registrar Office handles property registrations for Ambethkar Street (ward 2). It is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the land classification of Ambethkar Street (ward 2)?

Ambethkar Street (ward 2) is classified under Residential Class I Type - I land classification. This classification affects the guideline value and property regulations in the area.