Guideline Value for Thiruvalluvar Lane

Thiruvalluvar Lane guideline value

The current guideline value of Thiruvalluvar Lane is Rs 3,850 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 - III.

How the guideline value of Thiruvalluvar Lane has changed

In the 2017 revision, the guideline value for Thiruvalluvar Lane was Rs 2,345 per sq.ft. This figure saw a significant increase of 64% in the 2024 revision, bringing the current guideline value to Rs 3,850 per sq.ft. The register has no figure for this street for the years 2023, 2012, 2007, 2003, and 2002.

From 2017 to 2024, the increase in guideline value reflects changes in the local property market. The 2024 figure of Rs 3,850 per sq.ft is a notable rise from the previous revision, demonstrating a substantial adjustment in the valuation of properties in this area.

Guideline values in Velachery

Thiruvalluvar Lane's guideline value is below the median value of Rs 4,400 per sq.ft for the 2,691 streets in Velachery under the Velacheri SRO, which range from Rs 3,300 to Rs 13,200 per sq.ft. This positioning indicates that while Thiruvalluvar Lane has a respectable value, it is lower than many other streets in the locality.

• Thiruvalluvar Lane - I: Rs 3,850 per sq.ft (2024)
• Thirumurugan Street/Sakthi Nagar Extension: Rs 4,400 per sq.ft (2024)
• Thirumurugan Street: Rs 4,400 per sq.ft (2024)
• Thiruvalluvar Street: Rs 4,950 per sq.ft (2024)
• Thiruveedhiamman Koil Street: Rs 4,400 per sq.ft (2024)
• Thiruveethi Amman Koil 1st Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Thiruvalluvar Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000, bringing the total fees together to Rs 3,46,500. 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 further calculations.

Which Sub Registrar Office covers Thiruvalluvar Lane?

The Sub Registrar Office that covers Thiruvalluvar Lane is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process of property transactions in Velachery. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value helps both parties understand the expected value of the property. It is essential for buyers and sellers to be aware of the current guideline value to facilitate a smooth transaction process.

Frequently asked questions

What is the current guideline value of Thiruvalluvar Lane?

The current guideline value of Thiruvalluvar Lane is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 2,345 per sq.ft to Rs 3,850 per sq.ft in 2024, marking a 64% rise. The register has no figures for the years 2023, 2012, 2007, 2003, and 2002.

What is the land classification for Thiruvalluvar Lane?

Thiruvalluvar Lane is classified as Residential Class II Type - III. This classification is significant for understanding the types of developments allowed in the area.

Where can I find the Sub Registrar Office for Thiruvalluvar Lane?

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

How is stamp duty calculated for properties in Thiruvalluvar Lane?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 at 7%.