Guideline Value for TNHB 8th Street

TNHB 8th Street guideline value

The current guideline value of TNHB 8th 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 8th Street has changed

The guideline value for TNHB 8th Street has undergone several revisions over the years. The earliest recorded revision is from 2012, where the guideline value was Rs 4,500 per sq.ft. In 2017, this value decreased to Rs 3,015 per sq.ft, marking a decline of 33%. However, in the 2024 revision, the guideline value increased significantly to Rs 4,950 per sq.ft, which represents a 64% increase from the 2017 figure.

There are no recorded figures for the years 2002, 2003, 2007, and 2023 for TNHB 8th Street. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 10%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that have 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, positioning TNHB 8th Street's 2024 figure above this median.

• TNHB 8th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 90th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 89th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 91st Lane: Rs 4,400 per sq.ft (2024)
• TNHB 88th Lane: Rs 4,400 per sq.ft (2024)
• TNHB 92nd Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in TNHB 8th 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 fees to Rs 4,45,500. It's important to note that stamp 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 more detailed calculations.

Which Sub Registrar Office covers TNHB 8th Street?

The TNHB 8th 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 information.

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

The guideline value is a crucial factor in property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

During the registration process, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives a fair amount in taxes from property transactions, reflecting the value of the property being transferred.

Frequently asked questions

What is the current guideline value of TNHB 8th Street?

The current guideline value of TNHB 8th 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 from Rs 4,500 per sq.ft in 2012 to Rs 3,015 per sq.ft in 2017, and then increased to Rs 4,950 per sq.ft in 2024. There are no recorded figures for the years 2002, 2003, 2007, and 2023.

What is the land classification of TNHB 8th Street?

TNHB 8th Street is classified as Residential Class II Type - I, indicating its designation for residential use.

What are the stamp duty and registration fees for TNHB 8th Street?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 4,45,500.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.