Guideline Value for Dr. Ambedkar 97th Lane

Dr. Ambedkar 97th Lane guideline value

The current guideline value of Dr. Ambedkar 97th 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 97th Lane has changed

The guideline value for Dr. Ambedkar 97th Lane has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 1,500 per sq.ft. It increased to Rs 3,000 per sq.ft in 2012, marking a 100% rise. However, in 2017, the value decreased to Rs 2,010 per sq.ft, reflecting a 33% drop. The value then rose significantly to Rs 3,000 per sq.ft in 2023, representing a 49% increase. The current revision in 2024 has set the value at Rs 3,300 per sq.ft, which is a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 120%.

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. The guideline value of Dr. Ambedkar 97th Lane is below this median.

• Dr. Ambedkar 96th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 98th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 95th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 99th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 94th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar 9th Lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Dr. Ambedkar 97th Lane

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to 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 to Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Dr. Ambedkar 97th Lane?

Dr. Ambedkar 97th Lane falls under 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 is a crucial factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be sold or bought. This value is used to calculate the applicable stamp duty and registration fees during the registration process.

When you buy or sell property, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. Buyers should be aware that the guideline value may differ from the actual sale price, and the higher of the two will be used for calculating duties.

Frequently asked questions

What is the current guideline value of Dr. Ambedkar 97th Lane?

The current guideline value of Dr. Ambedkar 97th 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 is the stamp duty for property in Dr. Ambedkar 97th Lane?

The stamp duty for property in Dr. Ambedkar 97th Lane is calculated at 7% of the guideline value. For a 1,000 sq.ft plot, this amounts to Rs 2,31,000.

Which Sub Registrar Office covers this street?

The Velacheri Sub Registrar Office covers Dr. Ambedkar 97th Lane, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification of Dr. Ambedkar 97th Lane?

Dr. Ambedkar 97th Lane is classified as Residential Class III Type - I, indicating its suitability for residential development.