Guideline Value for Inner Ring Road (newly formed)

Inner Ring Road (newly formed) guideline value

The current guideline value of Inner Ring Road (newly formed) is Rs 5,500 per sq.ft, effective from 1 July 2024. This area falls under Velachery village, within the Velacheri SRO, and is classified as Residential Class I Type - III.

How the guideline value of Inner Ring Road (newly formed) has changed

Over the years, the guideline value for Inner Ring Road (newly formed) has seen several revisions. The 2012 revision set the guideline value at Rs 5,000 per sq.ft, which was then reduced to Rs 3,350 per sq.ft in the 2017 revision. Following this, the value increased to Rs 5,000 per sq.ft in 2023, and finally, the current figure is Rs 5,500 per sq.ft from the 2024 revision. The register has no figure for this street in 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. However, there was a significant increase of 49% from 2017 to 2023, followed by a 10% rise from 2023 to 2024. Overall, the guideline value has increased by 10% from 2012 to 2024.

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. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Inner Ring Road (newly formed) above this median.

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

Stamp duty and registration fee for property in Inner Ring Road (newly formed)

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000 and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Inner Ring Road (newly formed)?

The Inner Ring Road (newly formed) is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process of property transactions in Velachery. It determines the minimum value at which the property can be registered, ensuring that the government receives the appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value must be considered as it influences the financial obligations of both parties. Buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price of the property.

Frequently asked questions

What is the current guideline value of Inner Ring Road (newly formed)?

The current guideline value of Inner Ring Road (newly formed) is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,000 per sq.ft in 2012 to Rs 3,350 per sq.ft in 2017, then to Rs 5,000 per sq.ft in 2023, and finally to Rs 5,500 per sq.ft in 2024.

What are the other guideline values in Velachery?

In Velachery, the guideline values range from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Inner Ring Road (newly formed) is above this median.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, on a 1,000 sq.ft plot at Rs 5,500 per sq.ft, the total fees would be Rs 4,95,000.

Where can I find the Sub Registrar Office for Inner Ring Road (newly formed)?

The Sub Registrar Office for Inner Ring Road (newly formed) is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.