Guideline Value for Indira Nagar 5th Street

Indira Nagar 5th Street guideline value

The current guideline value of Indira Nagar 5th 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 5th Street has changed

The guideline value for Indira Nagar 5th Street has seen significant changes over the years. In 2002, the guideline value was Rs 200 per sq.ft, which increased to Rs 225 per sq.ft in 2003, marking a 13% rise. However, there is no figure available for this street in the 2007 revision. The value then saw a notable increase to Rs 3,500 per sq.ft in 2012, which was a 1456% rise from the 2003 figure. The guideline value decreased to Rs 2,345 per sq.ft in 2017, reflecting a decline of 33% from the previous revision.

In 2023, the guideline value was Rs 3,500 per sq.ft, and it increased to Rs 3,850 per sq.ft in 2024, representing a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 1825%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, making the 2024 figure for Indira Nagar 5th Street below this median.

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

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the 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, 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 use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Indira Nagar 5th Street?

The Sub Registrar Office that covers Indira Nagar 5th 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 details.

How the guideline value is used when you buy or sell in Velachery

When buying or selling property in Velachery, the guideline value is used as a benchmark for determining the stamp duty and registration fees. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements during property transactions.

The guideline value also serves as a reference point for property valuation, helping to establish a fair price for both parties involved in the transaction. Understanding the guideline value is crucial for a smooth and transparent property transfer process.

Frequently asked questions

What is the current guideline value of Indira Nagar 5th Street?

The current guideline value of Indira Nagar 5th Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2002, the guideline value has increased significantly, from Rs 200 per sq.ft to Rs 3,850 per sq.ft in 2024, marking an overall increase of 1825%.

What is the classification of Indira Nagar 5th Street?

Indira Nagar 5th Street is classified as Residential Class II Type - III.

Where can I find the Velacheri Sub Registrar Office?

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

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 at a rate of 7%.