Guideline Value for Indira Nagar 2nd Street

Indira Nagar 2nd Street guideline value

The current guideline value of Indira Nagar 2nd 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 Indira Nagar 2nd Street has changed

The guideline value for Indira Nagar 2nd Street has seen several revisions over the years. The earliest figure available is from 2002, where the value was Rs 200 per sq.ft. This increased significantly to Rs 225 per sq.ft in 2003. The next revision in 2012 saw the value rise to Rs 3,500 per sq.ft, but it then dropped to Rs 2,345 per sq.ft in 2017. The value increased again to Rs 3,500 per sq.ft in 2023, and finally, it reached Rs 3,850 per sq.ft in the 2024 revision. Notably, there is no figure available for this street in the 2007 revision.

From 2002 to 2024, the overall increase in the guideline value is 1825%. Specific changes include a 13% rise from 2002 to 2003, a staggering 1456% increase from 2003 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 10% rise from 2023 to 2024.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that have a guideline value for 2024, 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 2nd Street is below this median.

• Indira Nagar 1st 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 2nd 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, and the registration fee at 2% would be Rs 77,000, totaling 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 Indira Nagar 2nd Street?

The Sub Registrar Office that covers Indira Nagar 2nd 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 critical factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are recorded accurately.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees, which are necessary for the legal transfer of ownership. This ensures that both buyers and sellers are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Indira Nagar 2nd Street?

The current guideline value of Indira Nagar 2nd 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 significantly from Rs 200 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, with various revisions in between.

What is the land classification for Indira Nagar 2nd Street?

The land classification for Indira Nagar 2nd Street is Residential Class II Type - III.

What are the stamp duty and registration fees for property 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.

Which office handles property registrations for Indira Nagar 2nd Street?

The Velacheri Sub Registrar Office handles property registrations for Indira Nagar 2nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.