Guideline Value for TNHB 1st Avenue

TNHB 1st Avenue guideline value

The current guideline value of TNHB 1st Avenue is Rs 6,050 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of TNHB 1st Avenue has changed

The guideline value for TNHB 1st Avenue has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 1,800 per sq.ft. This increased significantly to Rs 5,500 per sq.ft in 2012, marking a rise of 206%. However, it then decreased to Rs 3,685 per sq.ft in 2017, a drop of 33%. The value continued to rise, reaching Rs 5,500 per sq.ft in 2023, which was a 49% increase from the previous revision. The most recent revision in 2024 set the guideline value at Rs 6,050 per sq.ft, reflecting a 10% increase from 2023.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 236%.

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 in this area is Rs 4,400 per sq.ft, which means that the guideline value of TNHB 1st Avenue is above this median.

• TNHB 19th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 1st Lane: Rs 4,400 per sq.ft (2024)
• TNHB 18th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 1st Main Road: Rs 5,500 per sq.ft (2024)
• TNHB 17th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 1st Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in TNHB 1st Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 6,050 per sq.ft, the total guideline value would be Rs 60,50,000. The stamp duty at 7% would be Rs 4,23,500, and the registration fee at 2% would amount to Rs 1,21,000. Together, the total cost for these fees would be Rs 5,44,500. It is important to note that 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 TNHB 1st Avenue?

The TNHB 1st Avenue is covered by 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 an important factor when buying or selling property in Velachery, as it determines the minimum value at which a property can be registered. This value is set by the government and is used to calculate stamp duty and registration fees during the transaction process.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. Buyers and sellers must be aware of the current guideline value to accurately assess their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of TNHB 1st Avenue?

The current guideline value of TNHB 1st Avenue is Rs 6,050 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 1,800 per sq.ft in 2007 to Rs 6,050 per sq.ft in 2024, marking an overall increase of 236% over the years.

What is the stamp duty for property in TNHB 1st Avenue?

The stamp duty for property in TNHB 1st Avenue is calculated at 7% of the guideline value or the sale price, whichever is higher.

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 median guideline value in Velachery?

The median guideline value in Velachery is Rs 4,400 per sq.ft, with TNHB 1st Avenue's value being above this median at Rs 6,050 per sq.ft.