Guideline Value for Tansi Nagar 1st Street

Tansi Nagar 1st Street guideline value

The current guideline value of Tansi Nagar 1st 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 Tansi Nagar 1st Street has changed

Over the years, the guideline value of Tansi Nagar 1st Street has seen significant changes. In 2002, the value was Rs 473 per sq.ft, which increased to Rs 530 per sq.ft in 2003, marking a 12% rise. The value continued to rise to Rs 2,200 per sq.ft in 2007, reflecting a substantial increase of 315%. The next revision in 2023 saw the value reach Rs 4,500 per sq.ft, a 105% increase from the previous figure. The register has no figures for the years 2012 and 2017. The latest revision in 2024 set the guideline value at Rs 4,950 per sq.ft, representing a 10% increase from 2023.

Overall, from 2002 to 2024, the guideline value has increased by 947%. This reflects the cumulative changes across the years, highlighting the growth in the value of Tansi Nagar 1st 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 value for these streets is Rs 4,400 per sq.ft, placing Tansi Nagar 1st Street's 2024 value above this median.

• Tansi Nagar 1st Main Road: Rs 4,950 per sq.ft (2024)
• Tansi Nagar 20th Extn.: Rs 4,950 per sq.ft (2024)
• Tansi Nagar 19th Street: Rs 4,950 per sq.ft (2024)
• Tansi Nagar 20th Street: Rs 4,950 per sq.ft (2024)
• Tansi Nagar 18th Street: Rs 4,950 per sq.ft (2024)
• Tansi Nagar 21st Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Tansi Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total 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 cost for these fees to Rs 4,45,500. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Tansi Nagar 1st Street?

The Sub Registrar Office that covers Tansi Nagar 1st Street 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 details.

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

The guideline value plays a crucial role during the registration of property transactions in Velachery. It is used to determine the stamp duty and registration fees applicable when buying or selling property. Buyers and sellers must be aware of the guideline value to ensure they are paying the correct fees during the registration process.

When a property is sold, the buyer must pay the stamp duty based on the higher amount between the guideline value and the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Tansi Nagar 1st Street?

The current guideline value of Tansi Nagar 1st 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 significantly from Rs 473 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, reflecting an overall increase of 947% over this period.

What are the stamp duty and registration fees for a property in Tansi Nagar 1st Street?

The stamp duty is 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.

Which Sub Registrar Office covers Tansi Nagar 1st Street?

The Velacheri Sub Registrar Office covers Tansi Nagar 1st Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification of Tansi Nagar 1st Street?

Tansi Nagar 1st Street is classified as Residential Class II Type - I, indicating its suitability for residential developments.