Guideline Value for TNHB 51st Lane

TNHB 51st Lane guideline value

The current guideline value for TNHB 51st Lane is Rs 4,400 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 II Type - II.

How the guideline value of TNHB 51st Lane has changed

In the 2007 revision, the guideline value was Rs 1,500 per sq.ft. This increased to Rs 2,680 per sq.ft in the 2017 revision, marking a change of +79%. The most recent revision in 2024 has further increased the guideline value to Rs 4,400 per sq.ft, which represents a significant increase of +64% from 2017. The register has no figure for the years 2023, 2012, 2003, and 2002 for this street.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by +193%. This indicates a substantial rise in the guideline value over the years, reflecting changes in the local real estate landscape.

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 guideline value is Rs 4,400 per sq.ft, which aligns with the guideline value of TNHB 51st Lane.

• TNHB 50th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 52nd Lane: Rs 4,400 per sq.ft (2024)
• TNHB 4th Street: Rs 4,950 per sq.ft (2024)
• TNHB 53rd Lane: Rs 4,400 per sq.ft (2024)
• TNHB 4th Main Road: Rs 5,500 per sq.ft (2024)
• TNHB 54th Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in TNHB 51st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty is charged at 7%, which totals Rs 3,08,000, and the registration fee is 2%, amounting to Rs 88,000. Together, these fees total Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers TNHB 51st Lane?

The TNHB 51st 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 property transactions in Velachery. It is the minimum value set by the government for property registration and is used to calculate stamp duty and registration fees. When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which is essential for legal and taxation purposes.

During the registration process, the buyer and seller must adhere to the guideline value, which helps maintain transparency in property dealings. This value is updated periodically to reflect changes in the real estate market, ensuring that all transactions are based on current data.

Frequently asked questions

What is the current guideline value of TNHB 51st Lane?

The current guideline value of TNHB 51st 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, reflecting an overall increase of +193%.

What is the land classification for TNHB 51st Lane?

TNHB 51st Lane is classified as Residential Class II Type - II, indicating its designation for residential use.

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 properties in TNHB 51st Lane?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000.