Guideline Value for Engineering Avenue : -

Engineering Avenue : - guideline value

The current guideline value for Engineering Avenue : - is Rs 3,850 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 II Type - III.

How the guideline value of Engineering Avenue : - has changed

The guideline value for Engineering Avenue : - has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 328 per sq.ft, which increased to Rs 368 per sq.ft in 2003. There is no figure available for the year 2007. In 2012, the value rose to Rs 3,500 per sq.ft, but then decreased to Rs 2,345 per sq.ft in 2017. The value saw a significant increase to Rs 3,500 per sq.ft in 2023, before reaching the current value of Rs 3,850 per sq.ft in 2024.

In terms of percentage changes, from 2002 to 2003, the increase was +12%. The value then saw a substantial rise of +851% from 2003 to 2012. However, there was a decrease of -33% from 2012 to 2017. The value 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 increased by +1074%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, making the current value for Engineering Avenue : - below that median.

• Engineering Avenue 1st Street: Rs 3,850 per sq.ft (2024)
• Engineering Avenue 2nd Street: Rs 3,850 per sq.ft (2024)
• Engineering Avenue 3rd Street: Rs 3,850 per sq.ft (2024)
• Eri Karai Extn West Velachery: Rs 4,400 per sq.ft (2024)
• Erikarai Road: Rs 3,850 per sq.ft (2024)
• Erikarai Street Extention: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Engineering Avenue : -

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. Together, the total cost for stamp duty and registration fees would be Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Engineering Avenue : -?

The Sub Registrar Office that covers Engineering Avenue : - 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 is a crucial factor during the registration of property transactions in Velachery. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must be aware of this value to ensure compliance with local regulations and avoid penalties.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This means that both buyers and sellers should consider the guideline value when negotiating sale prices, as it can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value for Engineering Avenue : -?

The current guideline value for Engineering Avenue : - is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 328 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of +1074% over this period.

What is the land classification for Engineering Avenue : -?

Engineering Avenue : - is classified as Residential Class II Type - III.

Where can I find the Sub Registrar Office for Engineering Avenue : -?

The Velacheri Sub Registrar Office covers Engineering Avenue : - and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in Engineering Avenue : -?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 38,50,000 would incur a stamp duty of Rs 2,69,500 at 7%.