Guideline Value for Ashtalakshmi Nagar 7th Cross Street

Ashtalakshmi Nagar 7th Cross Street guideline value

The current guideline value of Ashtalakshmi Nagar 7th Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, with a land classification of Residential Class II Type - III.

How the guideline value of Ashtalakshmi Nagar 7th Cross Street has changed

The guideline value for Ashtalakshmi Nagar 7th Cross Street has undergone several revisions over the years. The earliest recorded figure is from 2007, which was Rs 1,500 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in 2012, marking a rise of 133%. However, it then dropped to Rs 2,345 per sq.ft in 2017, reflecting a decrease of 33%. The value saw a substantial increase to Rs 3,500 per sq.ft in 2023, followed by a further increase to Rs 3,850 per sq.ft in 2024, which is a rise of 10% from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 figure to the current 2024 figure, there has been an increase of 157%. It is important to note that there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that have 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 Ashtalakshmi Nagar 7th Cross Street is below this median.

• Ashtalakshmi Nagar 6th street: Rs 3,850 per sq.ft (2024)
• Ashtalakshmi Nagar 7th street: Rs 3,850 per sq.ft (2024)
• Ashtalakshmi Nagar 5th street: Rs 3,850 per sq.ft (2024)
• Ashtalakshmi Nagar 8th street: Rs 3,850 per sq.ft (2024)
• Ashtalakshmi Nagar 4th street: Rs 3,850 per sq.ft (2024)
• Ashtalakshmi Nagar 9th street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ashtalakshmi Nagar 7th 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, charged at 7%, would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000. Together, these fees total Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ashtalakshmi Nagar 7th Cross Street?

The Sub Registrar Office that covers Ashtalakshmi Nagar 7th 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 is a crucial factor when buying or selling property in Velachery, as it determines the amount of stamp duty and registration fees payable at the time of registration. Buyers and sellers must consider the guideline value to ensure compliance with local regulations and to accurately calculate their financial obligations.

When a property is registered, the guideline value serves as a benchmark for determining the sale price. If the sale price exceeds the guideline value, the stamp duty is calculated based on the higher amount, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Ashtalakshmi Nagar 7th Cross Street?

The current guideline value of Ashtalakshmi Nagar 7th 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 1,500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 157% over the years.

What is the land classification for Ashtalakshmi Nagar 7th Cross Street?

Ashtalakshmi Nagar 7th Cross Street falls under the land classification of Residential Class II Type - III.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Ashtalakshmi Nagar 7th Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How does the guideline value affect property transactions?

The guideline value affects property transactions by determining the stamp duty and registration fees payable during the registration process. It serves as a benchmark for the sale price, ensuring compliance with local regulations.