Guideline Value for Indira Nagar 1st Street

Indira Nagar 1st Street guideline value

The current guideline value of Indira Nagar 1st 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 Nagar 1st Street has changed

The guideline value for Indira Nagar 1st Street has undergone several revisions over the years. In 2007, the value was Rs 1,500 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012, marking a rise of 133%. However, this value dropped to Rs 2,345 per sq.ft in 2017, a decrease of 33%. The subsequent revision in 2023 saw a substantial increase to Rs 3,500 per sq.ft, followed by the current value of Rs 3,850 per sq.ft in 2024, reflecting a 10% increase.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, 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, with a median value of Rs 4,400 per sq.ft. The guideline value of Indira Nagar 1st Street is below this median.

• Indira Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Indira Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Indira Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Indira Nagar 5th Street: Rs 3,850 per sq.ft (2024)
• Indira Nagar 6th Street: Rs 3,850 per sq.ft (2024)
• Indira Gandhi Nagar 6th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Indira Nagar 1st 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 registration 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.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Indira Nagar 1st Street?

The Sub Registrar Office that covers Indira Nagar 1st 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 plays a crucial role in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the minimum value of a property for registration purposes, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the buyer and seller must consider the guideline value to calculate the applicable stamp duty and registration fees. This ensures compliance with legal requirements and helps in the smooth transfer of property ownership.

Frequently asked questions

What is the current guideline value of Indira Nagar 1st Street?

The current guideline value of Indira Nagar 1st 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 this period.

What is the stamp duty for property in Indira Nagar 1st Street?

The stamp duty for property in Indira Nagar 1st Street is calculated at 7% of the guideline value or sale price, whichever is higher.

Which Sub Registrar Office should I visit for transactions in Indira Nagar 1st Street?

The Velacheri Sub Registrar Office covers Indira Nagar 1st Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Indira Nagar 1st Street?

Indira Nagar 1st Street is classified as Residential Class II Type - III, indicating its designation for residential purposes.