Guideline Value for Dr. Ambedkar Nagar 22nd Cross Street

Dr. Ambedkar Nagar 22nd Cross Street guideline value

The current guideline value of Dr. Ambedkar Nagar 22nd Cross Street 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 Nagar 22nd Cross Street has changed

The guideline value for Dr. Ambedkar Nagar 22nd Cross Street 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 figure increased significantly to Rs 3,000 per sq.ft in 2012, marking a 100% increase. The value remained unchanged at Rs 3,000 per sq.ft through the 2023 revision.

In 2024, the guideline value was revised to Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year. 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 carry 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, positioning Dr. Ambedkar Nagar 22nd Cross Street below this median.

• Dr. Ambedkar Nagar 21st Cross Street: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar Nagar 23rd Cross Street: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar Nagar 20th Cross Street: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar Nagar 24th Cross Street: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar Nagar 201st Lane: Rs 3,300 per sq.ft (2024)
• Dr. Ambedkar Nagar 25th Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Dr. Ambedkar Nagar 22nd Cross Street

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, bringing the total cost for these fees to Rs 2,97,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Dr. Ambedkar Nagar 22nd Cross Street?

The Sub Registrar Office covering Dr. Ambedkar Nagar 22nd Cross Street 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 when buying or selling property in Velachery. It is the minimum value set by the government for property transactions, ensuring that properties are registered at a fair value. This value is essential for calculating stamp duty and registration fees during the transaction process.

When a property is sold, the guideline value is used to determine the applicable stamp duty and registration fees. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the sale price, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Dr. Ambedkar Nagar 22nd Cross Street?

The current guideline value of Dr. Ambedkar Nagar 22nd Cross Street 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, representing an overall increase of 120% over this period.

What is the land classification for Dr. Ambedkar Nagar 22nd Cross Street?

Dr. Ambedkar Nagar 22nd Cross Street is classified as Residential Class III Type - I.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in Dr. Ambedkar Nagar 22nd Cross Street is charged at 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Dr. Ambedkar Nagar 22nd Cross Street?

The Sub Registrar Office for Dr. Ambedkar Nagar 22nd Cross Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.