Guideline Value for Andal Avenue 1st Street

Andal Avenue 1st Street guideline value

The current guideline value of Andal Avenue 1st Street is Rs 3,850 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 - III.

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

The guideline value for Andal Avenue 1st Street has seen several revisions over the years. In 2002, the guideline value was Rs 343 per sq.ft, which increased to Rs 385 per sq.ft in 2003. Following this, there was a significant rise to Rs 1,500 per sq.ft in 2007, and by 2012, the value had adjusted to Rs 3,500 per sq.ft. However, it decreased to Rs 2,345 per sq.ft in 2017. The value then increased to Rs 3,500 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 3,850 per sq.ft. Overall, from 2002 to 2024, the guideline value has increased by 1,022%.

The changes between revisions are notable. From 2002 to 2003, there was a 12% increase. The value rose by 290% from 2003 to 2007, followed by a 133% increase from 2007 to 2012. There was a decrease of 33% from 2012 to 2017, and a 49% increase from 2017 to 2023. Finally, the value increased by 10% from 2023 to 2024.

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, with a median value of Rs 4,400 per sq.ft. The guideline value of Andal Avenue 1st Street is below this median.

• Andal Avenue 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Andal Avenue 1st Cross Street: Rs 4,950 per sq.ft (2024)
• Andal Avenue: Rs 4,400 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Andal Avenue 1st Street?

The Sub Registrar Office that covers Andal Avenue 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For further assistance, you can find your SRO.

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

When buying or selling property in Velachery, the guideline value plays a crucial role in determining the registration fees and stamp duty. The guideline value is set by the Registration Department and is used to assess the value of the property for taxation purposes.

At the time of registration, 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 the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of Andal Avenue 1st Street is Rs 3,850 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 343 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1,022% over this period.

What is the land classification of Andal Avenue 1st Street?

Andal Avenue 1st Street is classified as Residential Class II Type - III, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 38,50,000, the stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500.

Where can I find the Sub Registrar Office for Andal Avenue 1st Street?

The Velacheri Sub Registrar Office covers Andal Avenue 1st Street and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.