Guideline Value for Revenue Road 3rd Street

Revenue Road 3rd Street guideline value

The current guideline value of Revenue Road 3rd Street is Rs 3,850 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 - III.

How the guideline value of Revenue Road 3rd Street has changed

The guideline value for Revenue Road 3rd Street has seen significant changes 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 rise of 12%. The value then surged to Rs 1,500 per sq.ft in 2007, reflecting an increase of 267%. By 2012, the value remained at Rs 3,500 per sq.ft, showing no change from the previous revision. In 2023, the value was again Rs 3,500 per sq.ft, with no change noted from 2012. The latest revision in 2024 raised the value to Rs 3,850 per sq.ft, a 10% increase from 2023.

It is important to note that the register has no figure for this street for the year 2017. Overall, from 2002 to 2024, the guideline value has increased by 955%.

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, which means that Revenue Road 3rd Street's 2024 figure is below this median.

• Revenue Road 2nd Street: Rs 3,850 per sq.ft (2024)
• Revenue Road 1st 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 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total 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, bringing the total fees together to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Revenue Road 3rd Street?

The Revenue Road 3rd 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 further assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When a property is sold, the buyer and seller must consider the guideline value to ensure compliance with legal requirements. This value is essential for calculating the applicable taxes and fees, which must be paid at the time of registration.

Frequently asked questions

What is the current guideline value of Revenue Road 3rd Street?

The current guideline value of Revenue Road 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 changed significantly, starting from Rs 365 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, which is an overall increase of 955%.

What is the stamp duty for property in Revenue Road 3rd Street?

The stamp duty for property in Revenue Road 3rd Street is calculated at 7% of the guideline value. For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500.

Where is the Velacheri 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 of Revenue Road 3rd Street?

The land classification of Revenue Road 3rd Street is Residential Class II Type - III, indicating its designation for residential use.