Guideline Value for Dr. Ambethkar Street

Dr. Ambethkar Street guideline value

The current guideline value of Dr. Ambethkar Street in Naravarikuppam village, under the Redhills SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - I.

How the guideline value of Dr. Ambethkar Street has changed

The guideline value for Dr. Ambethkar Street has undergone several revisions over the years. In 2002, the value was Rs 3,471 per sq.ft, which decreased to Rs 353 per sq.ft in 2003. The value then increased to Rs 440 per sq.ft in 2007, followed by a significant rise to Rs 1,500 per sq.ft in 2012. However, it dropped to Rs 1,005 per sq.ft in 2017, before climbing again to Rs 1,500 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 1,650 per sq.ft.

Between the revisions, the changes were as follows: from 2002 to 2003, there was a decrease of 90%. From 2003 to 2007, the value increased by 25%, and it rose significantly by 241% from 2007 to 2012. However, there was a decline of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has decreased by 52%.

Guideline values in Naravarikuppam

In Naravarikuppam, there are 112 streets under the Redhills SRO, with guideline values for 2024 ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, which is the same as the guideline value for Dr. Ambethkar Street.

• Dr. Radhakrishnan Street: Rs 1,650 per sq.ft (2024)
• Dr. Vaideeswaran 1st Street: Rs 1,650 per sq.ft (2024)
• Dr. Vaideeswaran 2nd Street: Rs 1,650 per sq.ft (2024)
• Dr. Vaideeswaran Street: Rs 1,650 per sq.ft (2024)
• Dr. Varatharajanar Street: Rs 1,650 per sq.ft (2024)
• Durai Abdul Abha Sahib Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Dr. Ambethkar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total cost for these fees to Rs 1,48,500. It is important to 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 detailed calculations.

Which Sub Registrar Office covers Dr. Ambethkar Street?

The Sub Registrar Office that covers Dr. Ambethkar Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Naravarikuppam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, it is essential to understand that the guideline value will be used to calculate 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 affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Dr. Ambethkar Street?

The current guideline value of Dr. Ambethkar Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 3,471 per sq.ft in 2002 and reaching Rs 1,650 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for Dr. Ambethkar Street?

Dr. Ambethkar Street is classified as Residential Class II Type - I.

Where can I find the registration office for Dr. Ambethkar Street?

The registration office for Dr. Ambethkar Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in Naravarikuppam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 16,50,000, the stamp duty would be calculated accordingly.