Guideline Value for TNHB 17th Lane

TNHB 17th Lane guideline value

The current guideline value of TNHB 17th Lane is Rs 4,400 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 - II.

How the guideline value of TNHB 17th Lane has changed

Over the years, the guideline value of TNHB 17th Lane has seen significant changes. The 2007 revision recorded a guideline value of Rs 1,500 per sq.ft, which increased to Rs 4,000 per sq.ft in 2012. However, this figure decreased to Rs 2,680 per sq.ft in the 2017 revision. The 2023 revision brought the value back up to Rs 4,000 per sq.ft, and the latest revision in 2024 is Rs 4,400 per sq.ft. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

From 2017 to 2023, the guideline value increased by 49%. The jump from 2023 to 2024 is 10%. Overall, from 2007 to 2024, the guideline value has risen by 193%, reflecting the changes in the property market over these years.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that have 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 TNHB 17th Lane matches this median.

• TNHB 16th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 18th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 15th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 19th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 14th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 1st Avenue: Rs 6,050 per sq.ft (2024)

Stamp duty and registration fee for property in TNHB 17th Lane

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value would be 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, totaling 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers TNHB 17th Lane?

The TNHB 17th Lane falls under 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 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 appropriate revenue from stamp duties and registration fees.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable stamp duty and registration fees. This process helps in maintaining transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value of TNHB 17th Lane?

The current guideline value of TNHB 17th Lane 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 changed significantly, from Rs 1,500 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 193% since 2007.

What is the land classification for TNHB 17th Lane?

TNHB 17th Lane is classified as Residential Class II Type - II, indicating its suitability for residential development.

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 is stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For TNHB 17th Lane, the current guideline value is Rs 4,400 per sq.ft, which will be used in the calculation.