Guideline Value for Revenue Road 1st Street

Revenue Road 1st Street guideline value

The current guideline value of Revenue Road 1st 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 Revenue Road 1st Street has changed

The guideline value for Revenue Road 1st Street has undergone several revisions over the years. In 2002, the value was Rs 365 per sq.ft, which increased to Rs 409 per sq.ft in 2003, marking a 12% rise. The value continued to grow significantly, reaching Rs 1,500 per sq.ft in 2007, an increase of 267%. By 2012, the value was Rs 3,500 per sq.ft, reflecting a 133% increase from the previous revision. However, between 2012 and 2017, the value decreased by 33% to Rs 2,345 per sq.ft. The subsequent revision in 2023 saw a substantial increase to Rs 3,500 per sq.ft, followed by a further increase to Rs 3,850 per sq.ft in 2024, which is a 10% rise.

Overall, from 2002 to 2024, the guideline value has increased by 955%. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, making the guideline value of Revenue Road 1st Street below the median.

• Revenue Road 2nd Street: Rs 3,850 per sq.ft (2024)
• Revenue Road 3rd Street: Rs 3,850 per sq.ft (2024)
• Rettaipillaiyar Koil Street: Rs 4,950 per sq.ft (2024)
• Renganathan Street: Rs 4,400 per sq.ft (2024)
• Ravi Street: Rs 4,400 per sq.ft (2024)
• Rani Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Revenue Road 1st 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, bringing the total cost for these fees to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Revenue Road 1st Street?

The Revenue Road 1st Street falls under the jurisdiction of 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 crucial factor in property transactions in Velachery, as it determines the minimum value at which a property can be registered. When a buyer purchases property, the registration fees and stamp duty are calculated based on the guideline value or the actual sale price, whichever is higher.

This ensures that the transaction is recorded accurately and that the appropriate taxes are collected by the government. Buyers and sellers should be aware of the current guideline value to make informed decisions during the transaction process.

Frequently asked questions

What is the current guideline value of Revenue Road 1st Street?

The current guideline value of Revenue Road 1st 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 from Rs 365 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 955% over the years.

What is the land classification for Revenue Road 1st Street?

Revenue Road 1st 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 are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price. For example, 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.