Guideline Value for Andal Nagar Extn 3rd Cross Street

Andal Nagar Extn 3rd Cross Street guideline value

The current guideline value of Andal Nagar Extn 3rd Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

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

The guideline value for Andal Nagar Extn 3rd Cross Street has undergone several revisions over the years. In 2012, the guideline value was Rs 4,000 per sq.ft, which then decreased to Rs 2,680 per sq.ft in 2017. This was a decline of 33%. However, from 2017 to 2023, the value increased significantly by 49%, reaching Rs 4,000 per sq.ft. The most recent revision in 2024 set the value at Rs 4,400 per sq.ft, marking a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has seen a net increase of 10%.

Guideline values in Velachery

In Velachery, there are a total of 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. The median value is Rs 4,400 per sq.ft, which aligns with the current guideline value of Andal Nagar Extn 3rd Cross Street.

• Andal Nagar Extn 2nd Street Lane 3: Rs 4,400 per sq.ft (2024)
• Andal Nagar Extn. 3rd Main road: Rs 4,400 per sq.ft (2024)
• Andal Nagar Extn 2nd Street Lane 2: Rs 4,400 per sq.ft (2024)
• Andal Nagar Extn 3rd Street: Rs 4,400 per sq.ft (2024)
• Andal Nagar Extn 2nd Street Lane 1: Rs 4,400 per sq.ft (2024)
• Andal Nagar Extn 4th Cross Street: Rs 4,400 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty, calculated at 7%, would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Andal Nagar Extn 3rd Cross Street?

The Andal Nagar Extn 3rd Cross Street is covered by 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 is a crucial factor when buying or selling property in Velachery, as it determines the minimum price at which a property can be registered. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value rather than fluctuating market prices.

When engaging in property transactions, both buyers and sellers must be aware of the guideline value to ensure compliance with local regulations. This value helps in maintaining transparency in property dealings and protects the interests of both parties involved in the transaction.

Frequently asked questions

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

The current guideline value of Andal Nagar Extn 3rd Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then increased to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024.

What is the land classification for this area?

The land classification for Andal Nagar Extn 3rd Cross Street is Residential Class II Type - II.

Where is the Velacheri Sub Registrar Office located?

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 property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft property at the guideline value of Rs 4,400 per sq.ft would incur a stamp duty of Rs 3,08,000.