Guideline Value for New Colony Ambedkar Street

New Colony Ambedkar Street guideline value

The current guideline value of New Colony Ambedkar Street is Rs 4,400 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 - II.

How the guideline value of New Colony Ambedkar Street has changed

The guideline value for New Colony Ambedkar Street has seen several revisions over the years. The most recent revision in 2024 set the guideline value at Rs 4,400 per sq.ft, an increase from Rs 4,000 per sq.ft in 2023, marking a 10% rise. Prior to that, in 2017, the value was Rs 2,680 per sq.ft, which indicates a significant increase of 49% to the 2023 figure. There are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street.

Overall, from 2017 to 2024, the guideline value has increased by 64%. This consistent rise reflects the changes made in the guideline value over the years, showcasing a clear upward trend from Rs 2,680 per sq.ft in 2017 to the current rate of Rs 4,400 per sq.ft.

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, which is the same as the current value for New Colony Ambedkar Street.

• New Colony Ambika Street: Rs 4,400 per sq.ft (2024)
• New Colony Extn: Rs 4,400 per sq.ft (2024)
• New Colony Gandhi Salai: Rs 4,400 per sq.ft (2024)
• New Colony 5th Street: Rs 4,400 per sq.ft (2024)
• New Colony 4th Street: Rs 4,400 per sq.ft (2024)
• New Colony 3rd Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in New Colony Ambedkar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers New Colony Ambedkar Street?

The Sub Registrar Office that covers New Colony Ambedkar 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 additional assistance.

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

The guideline value serves as a benchmark for property transactions in Velachery. When buying or selling property, this value is used to calculate the stamp duty and registration fees, ensuring that all transactions are conducted fairly and transparently.

It is essential for buyers and sellers to be aware of the guideline value as it directly impacts the costs associated with property registration. Understanding this value helps in making informed decisions during property transactions.

Frequently asked questions

What is the current guideline value of New Colony Ambedkar Street?

The current guideline value of New Colony Ambedkar Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,680 per sq.ft in 2017 to Rs 4,400 per sq.ft in 2024, marking a total increase of 64% over this period.

What is the stamp duty for properties in New Colony Ambedkar Street?

The stamp duty for properties in New Colony Ambedkar Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office located?

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

What is the land classification for New Colony Ambedkar Street?

The land classification for New Colony Ambedkar Street is Residential Class II Type - II.