Guideline Value for Tansi Nagar 8th Street

Tansi Nagar 8th Street guideline value

The current guideline value of Tansi Nagar 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 Tansi Nagar 8th Street has changed

The guideline value for Tansi Nagar 8th Street has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 406 per sq.ft. This increased to Rs 455 per sq.ft in 2003, marking a rise of 12%. The following revisions showed significant changes, with the value jumping to Rs 2,200 per sq.ft in 2007, an increase of 384%. In 2012, the value adjusted to Rs 4,500 per sq.ft, reflecting a 105% increase. However, this was followed by a decrease to Rs 3,015 per sq.ft in 2017, a drop of 33%. The most recent revisions show a rise to Rs 4,500 per sq.ft in 2023, and again to Rs 4,950 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1119%. The register has no figures for the years not listed in the revisions above.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with 2024 guideline values 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 Tansi Nagar 8th Street's 2024 figure above that median.

• Tansi Nagar 7th Street (Velachery Taramani Road): Rs 4,950 per sq.ft (2024)
• Tansi Nagar 9th Street: Rs 4,950 per sq.ft (2024)
• Tansi Nagar 7th Street: Rs 4,950 per sq.ft (2024)
• Tansi Nagar Church Gate Avenue: Rs 4,950 per sq.ft (2024)
• Tansi Nagar 7th Main Road: Rs 4,950 per sq.ft (2024)
• Tansi Nagar Doss Avenue: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Tansi Nagar 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 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.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Tansi Nagar 8th Street?

The Sub Registrar Office that covers Tansi Nagar 8th 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 information.

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

The guideline value is a critical factor in the registration process for property transactions in Velachery. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that both buyers and sellers are aware of the official value assigned to the property.

When a property is bought or sold, the guideline value is used to determine the applicable taxes. This value must be considered alongside the sale price, as the higher of the two will be used to calculate the stamp duty and registration fees owed at the time of registration.

Frequently asked questions

What is the current guideline value of Tansi Nagar 8th Street?

The current guideline value of Tansi Nagar 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 seen significant changes, starting from Rs 406 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024. This represents an overall increase of 1119% over the years.

What is the land classification for Tansi Nagar 8th Street?

Tansi Nagar 8th Street is classified as Residential Class II Type - I, indicating its designation for residential use within the area.

Where can I find the Sub Registrar Office for Tansi Nagar 8th Street?

The Velacheri Sub Registrar Office, which covers Tansi Nagar 8th Street, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in Tansi Nagar 8th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 49,50,000, the stamp duty would be Rs 3,46,500 at a rate of 7%.