Guideline Value for TNHB 70th Lane

TNHB 70th Lane guideline value

The current guideline value of TNHB 70th 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 70th Lane has changed

The guideline value for TNHB 70th Lane has undergone several revisions over the years. In 2007, the guideline value was Rs 1,500 per sq.ft, which increased significantly to Rs 4,000 per sq.ft in 2012, marking a rise of 167%. However, from 2012 to 2017, the value decreased to Rs 2,680 per sq.ft, a drop of 33%. The most recent revision in 2024 has set the value at Rs 4,400 per sq.ft, representing a 64% increase from the 2017 figure.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 193%. It is important to note that the register has no figures for the years 2023, 2003, and 2002 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 is Rs 4,400 per sq.ft, which is the same as the current value for TNHB 70th Lane.

• TNHB 6th Street: Rs 4,950 per sq.ft (2024)
• TNHB 71st Lane: Rs 4,400 per sq.ft (2024)
• TNHB 6th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 72nd Lane: Rs 4,400 per sq.ft (2024)
• TNHB 69th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 73rd Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in TNHB 70th Lane

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

Which Sub Registrar Office covers TNHB 70th Lane?

The Sub Registrar Office that covers TNHB 70th Lane is 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 for property transactions 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 duty and registration fees.

When buying or selling property, the guideline value influences the financial obligations of both parties. Buyers must be aware of the guideline value to understand the potential costs involved in registration, while sellers should consider it when setting their sale price to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of TNHB 70th Lane?

The current guideline value of TNHB 70th 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, an overall increase of 193%.

What are the stamp duty and registration fees for property in TNHB 70th Lane?

For a 1,000 sq.ft property, the total guideline value is Rs 44,00,000. The stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which Sub Registrar Office is responsible for TNHB 70th Lane?

The Velacheri Sub Registrar Office is responsible for TNHB 70th Lane, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value of a property, affecting the stamp duty and registration fees that must be paid during a transaction.