Guideline Value for 7th AVENUE

7th AVENUE guideline value

The current guideline value of 7th AVENUE in Villivakkam village, under the Villivakkam SRO, is Rs 13,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of 7th AVENUE has changed

Over the years, the guideline value of 7th AVENUE has seen significant changes. The earliest recorded revision was in 2003, where the guideline value was Rs 2,510 per sq.ft. This value increased dramatically to Rs 12,000 per sq.ft by 2012, marking a rise of 378%. However, from 2012 to 2017, the value decreased to Rs 8,040 per sq.ft, a decline of 33%. The value then rose again to Rs 12,000 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 set the value at Rs 13,200 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there are no recorded figures for 2002 and 2007 for this street. Overall, from 2003 to 2024, the guideline value has increased by 426%.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median guideline value for the village is Rs 4,900 per sq.ft, and 7th AVENUE's 2024 figure is above this median.

• 6th AVENUE: Rs 13,200 per sq.ft (2024)
• 21st MAIN ROAD: Rs 13,200 per sq.ft (2024)
• 20th MAIN ROAD: Rs 13,200 per sq.ft (2024)
• 19th MAIN ROAD: Rs 13,200 per sq.ft (2024)
• 18th MAIN ROAD: Rs 13,200 per sq.ft (2024)
• 17th MAIN ROAD: Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in 7th AVENUE

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value would be Rs 1,32,00,000. The stamp duty at 7% would amount to Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, making the total fees Rs 11,88,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers 7th AVENUE?

The Sub Registrar Office that covers 7th AVENUE is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when registering property transactions in Villivakkam. It serves as the minimum value for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps determine the legal value of the property. Buyers should be aware that the duty is charged based on the higher of the guideline value or the sale price, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of 7th AVENUE?

The current guideline value of 7th AVENUE is Rs 13,200 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 2,510 per sq.ft in 2003 to Rs 13,200 per sq.ft in 2024, marking an overall increase of 426%.

What is the land classification for 7th AVENUE?

7th AVENUE is classified as Residential Class I Type - I, indicating its suitability for residential developments.

What are the stamp duty and registration fees for property in 7th AVENUE?

For a property valued at Rs 1,32,00,000, the stamp duty would be Rs 9,24,000, and the registration fee would be Rs 2,64,000, totaling Rs 11,88,000.

Where is the Sub Registrar Office for 7th AVENUE located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.