Guideline Value for Sankaran Nayar Avenue 2nd Street

Sankaran Nayar Avenue 2nd Street guideline value

The current guideline value of Sankaran Nayar Avenue 2nd Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and falls under the Residential Class I Type - I land classification.

How the guideline value of Sankaran Nayar Avenue 2nd Street has changed

The guideline value for Sankaran Nayar Avenue 2nd Street has seen several revisions over the years. Starting from Rs 306 per sq.ft in 2002, it increased to Rs 343 per sq.ft in 2003, marking a 12% rise. The value then surged dramatically to Rs 1,800 per sq.ft in 2007, reflecting a significant increase of 425%. By 2012, the guideline value reached Rs 6,000 per sq.ft, which was a 233% increase from the previous revision. The latest revision in 2024 set the value at Rs 6,600 per sq.ft, representing a 10% increase from 2012.

It is important to note that there are no figures available for the years 2017 and 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by 2057%.

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, with a median value of Rs 4,400 per sq.ft. Sankaran Nayar Avenue 2nd Street's current guideline value is above this median.

• Sankaran Nayar Avenue 1st Street: Rs 6,600 per sq.ft (2024)
• Sankaran Nayar Avenue 3rd Street: Rs 6,600 per sq.ft (2024)
• Sankaran Nayar Avenue: Rs 6,600 per sq.ft (2024)
• Sankaran Avenue Radha Mohan Street: Rs 6,600 per sq.ft (2024)
• Sankaran Avenue Janakpuri 1st Street: Rs 6,600 per sq.ft (2024)
• Sankaran Avenue Indira Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Sankaran Nayar Avenue 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty, charged at 7%, would be Rs 4,62,000, while the registration fee at 2% would be Rs 1,32,000. Together, these fees total Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sankaran Nayar Avenue 2nd Street?

The Sub Registrar Office that covers Sankaran Nayar Avenue 2nd 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 information.

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

The guideline value is a critical factor during the registration of property transactions in Velachery. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps to establish a fair transaction price, as it reflects the official valuation set by the registration department. This value is essential for both buyers and sellers to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Sankaran Nayar Avenue 2nd Street?

The current guideline value of Sankaran Nayar Avenue 2nd Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 306 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, marking an overall increase of 2057% over this period.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000, and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Which Sub Registrar Office covers this street?

The Velacheri Sub Registrar Office covers Sankaran Nayar Avenue 2nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

Are there any recent revisions for this street?

The latest revision for Sankaran Nayar Avenue 2nd Street is from 2024, and there are no figures available for the years 2017 and 2023.