Guideline Value for Indira Nagar 3rd Street

Indira Nagar 3rd Street guideline value

The current guideline value of Indira Nagar 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, classified as Residential Class II Type - III.

How the guideline value of Indira Nagar 3rd Street has changed

Over the years, the guideline value of Indira Nagar 3rd Street has experienced significant changes. The earliest recorded figure is from 2002, with a guideline value of Rs 200 per sq.ft. This increased to Rs 225 per sq.ft in 2003, marking a rise of 13%. The value then saw a substantial increase to Rs 3,500 per sq.ft in 2012, which is a remarkable 1,456% increase from the 2003 figure. However, it decreased to Rs 2,345 per sq.ft in 2017, reflecting a decline of 33%. The value then rose again to Rs 3,500 per sq.ft in 2023, followed by a further increase to the current rate of Rs 3,850 per sq.ft in 2024, which is a 10% increase from the previous year.

It is important to note that there is no recorded figure for the year 2007 for this street. Overall, from 2002 to 2024, the guideline value has increased by 1,825%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that have 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 3rd Street is below this median.

• Indira Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Indira Nagar 5th Street: Rs 3,850 per sq.ft (2024)
• Indira Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Indira Nagar 6th Street: Rs 3,850 per sq.ft (2024)
• Indira Nagar 1st 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 3rd Street

For a 1,000 sq.ft plot at the current rate, the guideline value is 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, totaling Rs 3,46,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Indira Nagar 3rd Street?

The Sub Registrar Office that covers Indira Nagar 3rd 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 during property transactions in Velachery. It serves as a benchmark for the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that the transaction is recorded accurately.

Both buyers and sellers should be aware that the guideline value may influence the sale price of the property. It is essential to consult the guideline value register to understand the current rates applicable to the property being transacted.

Frequently asked questions

What is the current guideline value of Indira Nagar 3rd Street?

The current guideline value of Indira Nagar 3rd 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 increased significantly from Rs 200 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 1,825% over this period.

What is the guideline value for other streets in Velachery?

Other streets in Velachery, such as Indira Nagar 1st, 2nd, 4th, 5th, and 6th Streets, as well as Indira Gandhi Nagar 6th Street, all have a guideline value of Rs 3,850 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in Indira Nagar 3rd Street?

For a 1,000 sq.ft property, the total stamp duty and registration fees would amount to Rs 3,46,500, based on the current guideline value of Rs 38,50,000.

Which office handles registrations for Indira Nagar 3rd Street?

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