Guideline Value for Dr. Ambedkar 88th Lane

Dr. Ambedkar 88th Lane guideline value

The current guideline value of Dr. Ambedkar 88th 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 88th Lane has changed

Over the years, the guideline value of Dr. Ambedkar 88th Lane has seen several revisions. The earliest recorded figure in 2007 was Rs 1,500 per sq.ft, which increased to Rs 3,000 per sq.ft in 2012, marking a 100% rise. However, in 2017, the value dropped to Rs 2,010 per sq.ft, a decrease of 33%. The most recent revision in 2024 has set the value at Rs 3,300 per sq.ft, reflecting a significant increase of 64% from the 2017 figure. Overall, from 2007 to 2024, the guideline value has increased by 120%.

The register does not have figures for the years 2023, 2003, and 2002 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. Dr. Ambedkar 88th Lane's current value is below this median.

• Dr. Ambedkar 87th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 89th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 86th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 8th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 85th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 90th Lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Dr. Ambedkar 88th 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 be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total cost for these fees 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 use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Dr. Ambedkar 88th Lane?

The Sub Registrar Office that covers Dr. Ambedkar 88th 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 details.

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

The guideline value is a critical factor in property transactions in Velachery. It determines the minimum price at which a property can be registered and is used to calculate the stamp duty and registration fees. Buyers and sellers must consider the guideline value to ensure compliance with local regulations during the transaction process.

When registering a property, the guideline value serves as a reference point for the authorities to assess the value of the property being sold. This ensures that the government receives the appropriate revenue from stamp duties and registration fees based on the property’s value.

Frequently asked questions

What is the current guideline value of Dr. Ambedkar 88th Lane?

The current guideline value of Dr. Ambedkar 88th 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, showing an overall increase of 120% over these years.

What are the stamp duty and registration fees for properties on this street?

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 Sub Registrar Office covers Dr. Ambedkar 88th Lane?

The Velacheri Sub Registrar Office covers Dr. Ambedkar 88th Lane, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Dr. Ambedkar 88th Lane?

Dr. Ambedkar 88th Lane is classified as Residential Class III Type - I.