Guideline Value for Andal Avenue 3rd Cross Street

Andal Avenue 3rd Cross Street guideline value

The current guideline value of Andal Avenue 3rd Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO, classified as Residential Class II Type - III.

How the guideline value of Andal Avenue 3rd Cross Street has changed

The guideline value for Andal Avenue 3rd Cross Street has experienced several revisions over the years. The earliest recorded value was Rs 343 per sq.ft in 2002, which increased to Rs 385 per sq.ft in 2003, marking a 12% rise. Following this, the value saw a significant increase of 290% to reach Rs 1,500 per sq.ft in 2007. In 2012, the value adjusted to Rs 3,500 per sq.ft, which was a decrease of 33% from the previous revision.

From 2012, the guideline value rose again to Rs 2,345 per sq.ft in 2017, followed by a substantial increase of 49% to Rs 3,500 per sq.ft in 2023. The most recent revision in 2024 has set the value at Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year. There are no figures available for the years not listed in the register for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing the guideline value of Andal Avenue 3rd Cross Street below this median.

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

Stamp duty and registration fee for property in Andal Avenue 3rd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to 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, bringing the total cost 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 use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Andal Avenue 3rd Cross Street?

The Sub Registrar Office that covers Andal Avenue 3rd 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 details.

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

The guideline value plays a crucial role 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 accurately according to government standards.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Andal Avenue 3rd Cross Street?

The current guideline value of Andal Avenue 3rd Cross 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 1022% over the years.

What is the land classification for Andal Avenue 3rd Cross Street?

Andal Avenue 3rd Cross Street is classified as Residential Class II Type - III.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in Tamil Nadu is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Andal Avenue 3rd Cross Street located?

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