Guideline Value for Sankaran Nayar Avenue 3rd Street

Sankaran Nayar Avenue 3rd Street guideline value

The current guideline value of Sankaran Nayar Avenue 3rd 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 is classified as Residential Class I Type - I.

How the guideline value of Sankaran Nayar Avenue 3rd Street has changed

The guideline value for Sankaran Nayar Avenue 3rd Street has seen significant changes over the years. In 2002, the value was Rs 306 per sq.ft, which increased to Rs 343 per sq.ft in 2003, marking a 12% rise. The value then jumped to Rs 1,800 per sq.ft in 2007, reflecting a substantial increase of 425%. Following that, in 2012, the value rose to Rs 6,000 per sq.ft, a 233% increase from the previous revision. The latest revision in 2024 set the guideline value at Rs 6,600 per sq.ft, which is a 10% increase from 2012.

It is important to note that the register has no figures 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. The guideline value of Sankaran Nayar Avenue 3rd Street is above this median.

• Sankaran Nayar Avenue 2nd Street: Rs 6,600 per sq.ft (2024)
• Sankaran Nayar Avenue 1st 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 3rd 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 at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, leading to a total of 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 more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sankaran Nayar Avenue 3rd Street?

The Sub Registrar Office covering Sankaran Nayar Avenue 3rd 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 details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Velachery. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that these costs are based on the official valuation of the property.

When a buyer or seller engages in a property transaction, the guideline value helps establish a fair basis for calculating the financial obligations associated with the sale. This ensures transparency and compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Sankaran Nayar Avenue 3rd Street?

The current guideline value of Sankaran Nayar Avenue 3rd 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 significantly from Rs 306 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, representing an overall increase of 2057% over the years.

What is the land classification for Sankaran Nayar Avenue 3rd Street?

Sankaran Nayar Avenue 3rd Street is classified as Residential Class I Type - I.

Where can I find the Sub Registrar Office for this street?

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

How are stamp duty and registration fees calculated for properties in Velachery?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 66,00,000 would incur a stamp duty of Rs 4,62,000 and a registration fee of Rs 1,32,000.