Guideline Value for TNHB 3rd Avenue

TNHB 3rd Avenue guideline value

The current guideline value of TNHB 3rd Avenue is Rs 6,050 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 - II.

How the guideline value of TNHB 3rd Avenue has changed

The guideline value for TNHB 3rd Avenue has seen several revisions over the years. The earliest recorded value was Rs 1,800 per sq.ft in 2007, which increased significantly to Rs 5,500 per sq.ft in 2012. However, it then decreased to Rs 3,685 per sq.ft in 2017. The value rose again to Rs 5,500 per sq.ft in 2023, and most recently to Rs 6,050 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, the value increased by 49%. The 2012 to 2017 period saw a decrease of 33%, while the 2007 to 2012 period experienced a substantial increase of 206%. Overall, from 2007 to 2024, the guideline value has increased by 236%. The register has no figures for the years 2002 and 2003 for this street.

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 value is Rs 4,400 per sq.ft, making the current value of TNHB 3rd Avenue above that median.

• TNHB 39th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 3rd Cross Street: Rs 4,950 per sq.ft (2024)
• TNHB 38th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 3rd Lane: Rs 4,400 per sq.ft (2024)
• TNHB 37th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 3rd Main Road: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in TNHB 3rd Avenue

For a 1,000 sq.ft plot at the current guideline value, the total guideline value would be Rs 60,50,000. The stamp duty at 7% would amount to Rs 4,23,500, and the registration fee at 2% would be Rs 1,21,000, bringing the total to Rs 5,44,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers TNHB 3rd Avenue?

The TNHB 3rd Avenue is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in property transactions in Velachery. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid at the time of registration.

It is essential for buyers and sellers to be aware of the guideline value as it affects the overall cost of the transaction. Accurate knowledge of these values ensures compliance with local regulations and helps in the smooth processing of property registrations.

Frequently asked questions

What is the current guideline value of TNHB 3rd Avenue?

The current guideline value of TNHB 3rd 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 from Rs 1,800 per sq.ft in 2007 to Rs 6,050 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for TNHB 3rd Avenue?

TNHB 3rd Avenue is classified as Residential Class I Type - II.

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 the stamp duty calculated for properties in TNHB 3rd Avenue?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. The registration fee is charged at 2% of the guideline value.