Guideline Value for Usha Street

Usha Street guideline value

The current guideline value of Usha Street in Velachery village, under the Velacheri SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - III land classification.

How the guideline value of Usha Street has changed

The guideline value of Usha Street has undergone several revisions since 2002. In 2002, the value was Rs 362 per sq.ft, which increased to Rs 406 per sq.ft in 2003, marking a 12% rise. The value then saw a significant jump to Rs 1,500 per sq.ft in 2007, reflecting a 269% increase. Following this, the 2012 revision set the value at Rs 3,500 per sq.ft, a 133% increase from the previous figure. The most recent revision in 2024 raised the guideline value to Rs 3,850 per sq.ft, a 10% increase from 2012.

There are no figures available for Usha Street for the years 2017 and 2023. Overall, from 2002 to 2024, the guideline value has increased by 964%.

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 guideline value for these streets is Rs 4,400 per sq.ft, placing Usha Street's 2024 figure below this median.

• Unit Trust of India Colony: Rs 3,850 per sq.ft (2024)
• Vadivel Nagar: Rs 3,850 per sq.ft (2024)
• Vaduvambal Nagar: Rs 3,850 per sq.ft (2024)
• Umapathy Naicker Thottam (Umapathy Thottam): Rs 3,850 per sq.ft (2024)
• Vaigai Street: Rs 3,850 per sq.ft (2024)
• Vaigai Street, Devi Karumariamman Nagar Extn: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Usha Street

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, while the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Usha Street?

The Sub Registrar Office that covers Usha 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 crucial factor during the registration of property transactions in Velachery. It serves as the basis for calculating stamp duty and registration fees, which are mandatory for legal property transfers.

When buying or selling property, the guideline value ensures transparency and standardization in property transactions. It helps both buyers and sellers understand the financial implications of the property transfer, making it easier to comply with legal requirements.

Frequently asked questions

What is the current guideline value of Usha Street?

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

How much has the guideline value changed over the years?

The guideline value has increased significantly from Rs 362 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 964%.

What are the stamp duty and registration fees for Usha Street?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles property registration for Usha Street?

The Velacheri Sub Registrar Office handles property registration for Usha Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

Are there other streets in Velachery with the same guideline value?

Yes, several other streets in Velachery have the same guideline value of Rs 3,850 per sq.ft for the year 2024, including Unit Trust of India Colony, Vadivel Nagar, and Vaigai Street.