Guideline Value for Dr. Ambedkar 16th Lane

Dr. Ambedkar 16th Lane guideline value

The current guideline value of Dr. Ambedkar 16th 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 16th Lane has changed

The guideline value for Dr. Ambedkar 16th Lane has seen several revisions over the years. The 2007 revision set the value at Rs 1,500 per sq.ft, which increased to Rs 3,000 per sq.ft in 2012, marking a 100% rise. However, it then decreased to Rs 2,010 per sq.ft in 2017, a drop of 33%. The value increased significantly to Rs 3,000 per sq.ft in 2023, and most recently to Rs 3,300 per sq.ft in 2024, reflecting a 10% increase.

From the 2017 revision to the 2023 revision, the value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 120%. The register has no figures 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 carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which means Dr. Ambedkar 16th Lane's 2024 figure is below that median.

• Dr. Ambedkar 15th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 17th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 14th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 18th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 13 th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 19th Lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Dr. Ambedkar 16th Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Dr. Ambedkar 16th Lane?

The Sub Registrar Office that covers Dr. Ambedkar 16th Lane is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a critical factor when registering property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value is used to calculate the stamp duty, which is charged at a percentage of either the sale price or the guideline value, 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 Dr. Ambedkar 16th Lane?

The current guideline value of Dr. Ambedkar 16th 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, reflecting an overall increase of 120% over the years.

What is the land classification for Dr. Ambedkar 16th Lane?

Dr. Ambedkar 16th Lane is classified as Residential Class III Type - I.

Where can I find the Velacheri Sub Registrar Office?

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 properties in Velachery?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate for stamp duty is 7% of the guideline value.