Guideline Value for Engineering Avenue 3rd Street

Engineering Avenue 3rd Street guideline value

The current guideline value of Engineering Avenue 3rd Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village under the Velacheri SRO, and it falls under the Residential Class II Type - III land classification.

How the guideline value of Engineering Avenue 3rd Street has changed

The guideline value for Engineering Avenue 3rd Street has undergone several revisions over the years. In 2002, the guideline value was Rs 328 per sq.ft, which increased significantly to Rs 368 per sq.ft in 2003. Following this, the value rose dramatically to Rs 3,500 per sq.ft in 2012. However, it saw a decline to Rs 2,345 per sq.ft in 2017. The value then increased to Rs 3,500 per sq.ft in 2023, and finally, it reached Rs 3,850 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

It is important to note that there is no figure available for the year 2007 in the register for this street. Overall, the guideline value has increased by 1074% from 2002 to 2024, reflecting significant changes over the years.

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 value for these streets is Rs 4,400 per sq.ft, indicating that the 2024 guideline value for Engineering Avenue 3rd Street is below this median.

• Engineering Avenue 2nd Street: Rs 3,850 per sq.ft (2024)
• Engineering Avenue 1st Street: Rs 3,850 per sq.ft (2024)
• Engineering Avenue: 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 3rd Street

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

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Engineering Avenue 3rd Street?

The Engineering Avenue 3rd Street is covered by 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 serves as a benchmark for determining the stamp duty and registration fees applicable during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Engineering Avenue 3rd Street?

The current guideline value of Engineering Avenue 3rd Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much 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, representing an overall increase of 1074% over the years.

What is the stamp duty on property in Engineering Avenue 3rd Street?

The stamp duty on property in Engineering Avenue 3rd Street is calculated at 7% of the guideline value or the sale price, whichever is higher.

Which office handles registrations for Engineering Avenue 3rd Street?

The Velacheri Sub Registrar Office handles registrations for Engineering Avenue 3rd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the median guideline value for streets in Velachery?

The median guideline value for streets in Velachery is Rs 4,400 per sq.ft, which is higher than the current value of Engineering Avenue 3rd Street.