Guideline Value for Found Street

Found Street guideline value

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

How the guideline value of Found Street has changed

In the 2007 revision, the guideline value was Rs 1,500 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in the 2012 revision, marking a rise of 133%. However, in the 2017 revision, the value dropped to Rs 2,345 per sq.ft, representing a decrease of 33%. The most recent revision in 2024 saw the guideline value rise to Rs 3,850 per sq.ft, an increase of 64% from 2017. The register has no figures for the years 2023, 2003, and 2002 for this street.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 157%.

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 for these streets is Rs 4,400 per sq.ft, placing Found Street's 2024 figure below that median.

• Flim Street: Rs 4,950 per sq.ft (2024)
• Five Furlong Road: Rs 4,400 per sq.ft (2024)
• Ganagai Nagar Bye Pass Road: Rs 13,200 per sq.ft (2024)
• Ex-serviceman Colony 2nd Street: Rs 3,850 per sq.ft (2024)
• Ex-serviceman Colony 2nd Main Road: Rs 3,850 per sq.ft (2024)
• Ex-serviceman Colony 2nd Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Found 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, making the total cost for these fees 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 the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Found Street?

The Sub Registrar Office covering Found 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 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, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. This value is essential for calculating the applicable stamp duty and registration fees, which are based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Found Street?

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

How has the guideline value of Found Street changed over the years?

The guideline value has changed significantly from Rs 1,500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 157% over this period.

What is the land classification for Found Street?

Found Street is classified as Residential Class II Type - III, indicating its suitability for residential development.

What other streets in Velachery have guideline values?

Other streets in Velachery include Flim Street, Five Furlong Road, and Ganagai Nagar Bye Pass Road, with guideline values ranging from Rs 4,400 to Rs 13,200 per sq.ft.

Where can I find the Sub Registrar Office for Found Street?

The Sub Registrar Office for Found Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.