Guideline Value for Indira Gandhi Nagar 4th Street

Indira Gandhi Nagar 4th Street guideline value

The current guideline value of Indira Gandhi Nagar 4th 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 is classified as Residential Class II Type - III.

How the guideline value of Indira Gandhi Nagar 4th Street has changed

Over the years, the guideline value of Indira Gandhi Nagar 4th Street has seen several revisions. The earliest recorded figure is from 2007, where the value was Rs 1,500 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in 2012, marking a rise of 133%. However, from 2012 to 2017, the value decreased to Rs 2,345 per sq.ft, a drop of 33%. The value then increased to Rs 3,500 per sq.ft in 2023, followed by a further increase to Rs 3,850 per sq.ft in 2024, which represents a 10% increase from the previous year.

In summary, from 2017 to 2023, the value increased by 49%. Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 157%. The register does not contain figures for the years 2002 and 2003 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a guideline value for 2024, 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, placing the 2024 guideline value of Indira Gandhi Nagar 4th Street below this median.

• Indira Gandhi Nagar 5th Street: Rs 3,850 per sq.ft (2024)
• Indira Gandhi Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Indira Gandhi Nagar 6th Street: Rs 3,850 per sq.ft (2024)
• Indira Gandhi Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Indira Gandhi Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Indira Nagar 1st Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Indira Gandhi Nagar 4th Street

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, these fees would total 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 more detailed calculations.

Which Sub Registrar Office covers Indira Gandhi Nagar 4th Street?

The Sub Registrar Office that covers Indira Gandhi Nagar 4th 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 in property transactions in Velachery. It serves as the basis for calculating stamp duty and registration fees, which are mandatory when registering a property. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the transaction process.

When a property is sold, the guideline value helps determine the minimum value at which the property can be registered. This ensures that the transaction is transparent and that the government receives the appropriate taxes based on the property's value.

Frequently asked questions

What is the current guideline value of Indira Gandhi Nagar 4th Street?

The current guideline value of Indira Gandhi Nagar 4th Street 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 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 the years.

What is the median guideline value for streets in Velachery?

The median guideline value for the 2,691 streets in Velachery is Rs 4,400 per sq.ft, which is higher than the current value of Indira Gandhi Nagar 4th Street.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500, and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Where is the Sub Registrar Office for Indira Gandhi Nagar 4th Street located?

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