Guideline Value for Dr. Ambedkar Nagar 161st Lane

Dr. Ambedkar Nagar 161st Lane guideline value

The current guideline value for Dr. Ambedkar Nagar 161st Lane is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification is Residential Class III Type - I.

How the guideline value of Dr. Ambedkar Nagar 161st Lane has changed

The guideline value for Dr. Ambedkar Nagar 161st Lane has seen several revisions over the years. The earliest available figure is from the 2007 revision, which was Rs 1,500 per sq.ft. This increased to Rs 3,000 per sq.ft in 2012, a 100% rise. However, it then decreased to Rs 2,010 per sq.ft in 2017, reflecting a 33% decline. The value surged again to Rs 3,000 per sq.ft in 2023, marking a 49% increase. The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, which is a 10% increase from the previous year.

There are no guideline value figures available 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 with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, placing Dr. Ambedkar Nagar 161st Lane's 2024 figure below this median.

• Dr. Ambedkar Nagar 160th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar Nagar 162nd Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar Nagar 15th Cross Street: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar Nagar 163rd Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar Nagar 159th Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar Nagar 164th Lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Dr. Ambedkar Nagar 161st 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 at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total fees 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 on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Dr. Ambedkar Nagar 161st Lane?

The Sub Registrar Office covering Dr. Ambedkar Nagar 161st 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 during property transactions in Velachery. It is used to determine the amount of stamp duty and registration fees that need to be paid when a property is sold or purchased. This ensures that the government receives the appropriate revenue based on the officially assessed value of the property.

When registering a property, buyers must ensure that the transaction value is either equal to or greater than the guideline value. This helps in maintaining transparency and fairness in property dealings within the region.

Frequently asked questions

What is the current guideline value of Dr. Ambedkar Nagar 161st Lane?

The current guideline value of Dr. Ambedkar Nagar 161st 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, an overall increase of 120%. There were fluctuations, including a decrease to Rs 2,010 per sq.ft in 2017 and a rise to Rs 3,000 per sq.ft in 2023.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For example, for a 1,000 sq.ft plot at the current rate, the total fees would be Rs 2,97,000.

Which office handles the registration for Dr. Ambedkar Nagar 161st Lane?

The Velacheri Sub Registrar Office handles registrations for Dr. Ambedkar Nagar 161st Lane, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for this street?

The land classification for Dr. Ambedkar Nagar 161st Lane is Residential Class III Type - I, indicating its designated use for residential purposes.