Guideline Value for Dr. Ambedkar 24th Lane

Dr. Ambedkar 24th Lane guideline value

The current guideline value of Dr. Ambedkar 24th Lane is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Velachery village under the Velacheri SRO, classified as Residential Class III Type - I.

How the guideline value of Dr. Ambedkar 24th Lane has changed

The guideline value for Dr. Ambedkar 24th Lane has seen several revisions over the years. The earliest recorded revision was in 2007, when the guideline value was Rs 1,500 per sq.ft. This increased significantly to Rs 3,000 per sq.ft in the 2012 revision, marking a 100% increase. The most recent revision in 2024 set the value at Rs 3,300 per sq.ft, which is a 10% increase from the 2012 figure.

There are no recorded figures for the years 2002, 2003, 2017, and 2023 for this street. Overall, from 2007 to 2024, the guideline value has increased by 120%.

Guideline values in Velachery

In Velachery village, 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. The median guideline value in this area is Rs 4,400 per sq.ft, placing Dr. Ambedkar 24th Lane below that median.

• Dr. Ambedkar 23rd Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 25th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 22nd Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 26th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 21st Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 27th Lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Dr. Ambedkar 24th Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty, calculated at 7%, would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. Please 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 Dr. Ambedkar 24th Lane?

Dr. Ambedkar 24th Lane 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 information.

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

The guideline value plays a crucial role in property transactions in Velachery. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property. This value is set by the Registration Department and is periodically revised to reflect changes in the market.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Dr. Ambedkar 24th Lane?

The current guideline value of Dr. Ambedkar 24th 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 increased 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 properties in this area?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations in Velachery?

The Velacheri Sub Registrar Office handles property registrations in Velachery, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the significance of the guideline value in property transactions?

The guideline value is significant as it determines the stamp duty and registration fees during property transactions. It is set by the Registration Department and is used to ensure proper revenue collection for property sales.