Guideline Value for TNHB 7th Street

TNHB 7th Street guideline value

The current guideline value of TNHB 7th Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Velachery village under the Velacheri SRO, classified as Residential Class II Type - I.

How the guideline value of TNHB 7th Street has changed

The guideline value for TNHB 7th Street has undergone several revisions over the years. The earliest recorded figure is from the 2007 revision, which was Rs 1,500 per sq.ft. This value increased significantly to Rs 4,500 per sq.ft in the 2023 revision, marking a 200% increase. The most recent revision in 2024 set the guideline value at Rs 4,950 per sq.ft, reflecting a 10% increase from the previous year.

There are no recorded figures for TNHB 7th Street in the revisions for the years 2002, 2003, 2012, and 2017. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 230%.

Guideline values in Velachery

In Velachery, there are a total of 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 in this area is Rs 4,400 per sq.ft, placing TNHB 7th Street's 2024 figure above that median.

• TNHB 7th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 80th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 81st Lane: Rs 4,400 per sq.ft (2024)
• TNHB 82nd Lane: Rs 4,400 per sq.ft (2024)
• TNHB 83rd Lane: Rs 4,400 per sq.ft (2024)
• TNHB 84th Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in TNHB 7th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total cost for these fees to Rs 4,45,500. It is important to note that the 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 7th Street?

The TNHB 7th Street 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 plays a crucial role in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the transaction is recorded accurately in accordance with government regulations.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which can impact the total cost of the transaction.

Frequently asked questions

What is the current guideline value of TNHB 7th Street?

The current guideline value of TNHB 7th 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 increased from Rs 1,500 per sq.ft in 2007 to Rs 4,950 per sq.ft in 2024, marking an overall increase of 230%.

What is the stamp duty rate for properties in TNHB 7th Street?

The stamp duty rate for properties in TNHB 7th Street is 7% of the guideline value or the sale price, whichever is higher.

What is the registration fee for property transactions?

The registration fee for property transactions is 2% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for TNHB 7th Street?

The Sub Registrar Office for TNHB 7th Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.