Guideline Value for Andal Avenue 1st Cross Street

Andal Avenue 1st Cross Street guideline value

The current guideline value of Andal Avenue 1st Cross Street is Rs 4,950 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 II Type - I.

How the guideline value of Andal Avenue 1st Cross Street has changed

The guideline value for Andal Avenue 1st Cross Street has seen several revisions over the years. In 2002, the value was Rs 343 per sq.ft, which increased to Rs 385 per sq.ft in 2003. Following this, the value rose significantly to Rs 1,500 per sq.ft in 2007, marking a 290% increase from the previous year. However, it then decreased to Rs 4,500 per sq.ft in 2012, which represented a 33% decline.

From 2012, the guideline value increased to Rs 3,015 per sq.ft in 2017, showing a 49% rise. The most recent revision in 2023 set the value at Rs 4,500 per sq.ft, and the current guideline value for 2024 is Rs 4,950 per sq.ft, reflecting a 10% increase from the previous year. There are no figures for this street in other revisions.

Guideline values in Velachery

In Velachery village, 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, with a median value of Rs 4,400 per sq.ft. The guideline value for Andal Avenue 1st Cross Street is above this median.

• Andal Avenue: Rs 4,400 per sq.ft (2024)
• Andal Avenue 1st Street: Rs 3,850 per sq.ft (2024)
• Andal Avenue 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Andal Avenue 2nd Street: Rs 3,850 per sq.ft (2024)
• Andal Avenue 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Andal Avenue 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Andal Avenue 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000. Therefore, the total cost for stamp duty and registration would be Rs 4,45,500. It is important to note that the 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 assistance.

Which Sub Registrar Office covers Andal Avenue 1st Cross Street?

The Sub Registrar Office that covers Andal Avenue 1st Cross 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

The guideline value is a crucial factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Andal Avenue 1st Cross Street?

The current guideline value of Andal Avenue 1st Cross Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, from Rs 343 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, reflecting an overall increase of 1343% over the years.

What is the land classification for Andal Avenue 1st Cross Street?

Andal Avenue 1st Cross Street is classified as Residential Class II Type - I under the Velacheri SRO.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in this area is charged at 7% of the guideline value or sale price, whichever is higher.

Where can I find more information about the Sub Registrar Office?

The Velacheri Sub Registrar Office covers Andal Avenue 1st Cross Street, and more information can be found by visiting the office or using the find your SRO link.