Guideline Value for Cart Track Lane

Cart Track Lane guideline value

The current guideline value of Cart Track Lane in Velachery village is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Velacheri SRO and is classified as Residential Class II Type - II.

How the guideline value of Cart Track Lane has changed

The guideline value of Cart Track Lane has seen several revisions over the years. In 2012, the value was Rs 4,000 per sq.ft, which decreased to Rs 2,680 per sq.ft in 2017. Following this, the value rose significantly to Rs 4,000 per sq.ft in 2023 and then to Rs 4,400 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, the value increased by 49%. Overall, comparing the 2012 revision to the 2024 revision, there has been a 10% increase. The revisions for the years 2002, 2003, and 2007 have no figures recorded for this street.

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. The median value is Rs 4,400 per sq.ft, which is equal to the current guideline value of Cart Track Lane.

• Cart Track Road: Rs 4,400 per sq.ft (2024)
• Cart Track Road (Vandikaran Street): Rs 4,400 per sq.ft (2024)
• Canara Bank Lane Sarathi Nagar: Rs 13,200 per sq.ft (2024)
• Bye Pass Road 150ft: Rs 13,200 per sq.ft (2024)
• Bye Pass Road -100 feet: Rs 13,200 per sq.ft (2024)
• Chakrabani Road/Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Cart Track Lane

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

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Cart Track Lane?

The Sub Registrar Office that covers Cart Track Lane 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 further assistance.

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 determines the minimum price at which a property can be registered, ensuring transparency in property transactions.

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 the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Cart Track Lane?

The current guideline value of Cart Track Lane 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 of Cart Track Lane?

Cart Track Lane is classified as Residential Class II Type - II, indicating its residential use within the Velachery area.

Where can I find the Sub Registrar Office for Cart Track Lane?

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

How is the stamp duty calculated for properties in Velachery?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 44,00,000, the stamp duty would be calculated at 7% of that amount.