Guideline Value for Dr. Ambedkar 116th Lane

Dr. Ambedkar 116th Lane guideline value

The current guideline value of Dr. Ambedkar 116th Lane is Rs 3,300 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 III Type - I.

How the guideline value of Dr. Ambedkar 116th Lane has changed

The guideline value for Dr. Ambedkar 116th Lane has undergone several revisions since 2007. In 2007, the value was Rs 1,500 per sq.ft, which increased to Rs 3,000 per sq.ft in 2012, marking a 100% rise. However, from 2012 to 2017, the value decreased to Rs 2,010 per sq.ft, reflecting a decline of 33%. The most recent revision in 2024 has set the value at Rs 3,300 per sq.ft, a significant increase of 64% from the previous figure in 2017. Overall, from 2007 to 2024, the guideline value has increased by 120%.

The register has no figures for the years 2023, 2003, and 2002 for this street. Therefore, the changes between the revisions listed above are the only ones available for reference.

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. Dr. Ambedkar 116th Lane's 2024 guideline value is below this median.

• Dr. Ambedkar 115th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 117th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 114th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 118th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 113th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 119th Lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Dr. Ambedkar 116th Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value is Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Dr. Ambedkar 116th Lane?

The Sub Registrar Office that covers Dr. Ambedkar 116th 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 more information.

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 basis for calculating the stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When a property is registered, the buyer must pay the stamp duty and registration fees based on the guideline value or the actual sale price, whichever is higher. This ensures that the transaction is recorded accurately and legally, reflecting the true value of the property.

Frequently asked questions

What is the current guideline value of Dr. Ambedkar 116th Lane?

The current guideline value of Dr. Ambedkar 116th Lane is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 120% over the years.

What are the stamp duty and registration fees for property in Dr. Ambedkar 116th Lane?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total cost would be Rs 2,97,000.

Which Sub Registrar Office covers Dr. Ambedkar 116th Lane?

The Velacheri Sub Registrar Office covers Dr. Ambedkar 116th Lane, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification of Dr. Ambedkar 116th Lane?

Dr. Ambedkar 116th Lane is classified as Residential Class III Type - I.