Guideline Value for TNHB 5th Street

TNHB 5th Street guideline value

The current guideline value of TNHB 5th Street is Rs 4,950 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 - I.

How the guideline value of TNHB 5th Street has changed

Since the 2012 revision, the guideline value for TNHB 5th Street has undergone several changes. In 2012, the guideline value was Rs 4,500 per sq.ft, which then decreased to Rs 3,015 per sq.ft in 2017. Following this, the value increased significantly to Rs 4,500 per sq.ft in 2023, and then rose again to the current Rs 4,950 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, there was a 49% increase, while the change from 2012 to 2017 saw a decrease of 33%. Overall, comparing the values from 2012 to 2024, there has been a net increase of 10%. The guideline register does not have figures for the years 2002, 2003, and 2007 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 guideline value for these streets is Rs 4,400 per sq.ft, placing TNHB 5th Street's current value above this median.

• TNHB 5th Lane: Rs 4,950 per sq.ft (2024)
• TNHB 60th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 5th Avenue: Rs 6,050 per sq.ft (2024)
• TNHB 61st Lane: Rs 4,400 per sq.ft (2024)
• TNHB 59th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 62nd Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in TNHB 5th Street

For a 1,000 sq.ft plot at the current rate of Rs 4,950 per sq.ft, the guideline value amounts to Rs 49,50,000. The stamp duty at 7% would be Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total to Rs 4,45,500. It's 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 further assistance.

Which Sub Registrar Office covers TNHB 5th Street?

The TNHB 5th Street 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 is a crucial factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on an official valuation.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used for calculating the applicable duties. This ensures transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of TNHB 5th Street?

The current guideline value of TNHB 5th Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent increase being from Rs 4,500 per sq.ft in 2023 to Rs 4,950 per sq.ft in 2024. Overall, from 2012 to 2024, the value has increased by 10%.

What is the land classification of TNHB 5th Street?

TNHB 5th Street is classified as Residential Class II Type - I. This classification is important for determining the usage and development potential of the land.

Where can I find the Sub Registrar Office for TNHB 5th Street?

The Sub Registrar Office that covers TNHB 5th Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in TNHB 5th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 49,50,000, the stamp duty would be calculated at 7% of this amount.