Guideline Value for A V M Avenue 1st Street

A V M Avenue 1st Street guideline value

The current guideline value of A V M Avenue 1st Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - I.

How the guideline value of A V M Avenue 1st Street has changed

The guideline value for A V M Avenue 1st Street has seen several revisions over the years. The earliest recorded figure in the register is from 2002, where the value was Rs 499 per sq.ft. This increased to Rs 553 per sq.ft in 2003, marking an 11% rise. The value then experienced a significant increase of 162% to reach Rs 1,450 per sq.ft in 2007. Following this, the guideline value jumped by 245% to Rs 5,000 per sq.ft in 2012. However, it then decreased by 33% to Rs 3,350 per sq.ft in 2017.

In the subsequent revision in 2023, the value increased by 49% to Rs 5,000 per sq.ft. The most recent revision in 2024 saw a further increase of 10%, bringing the current guideline value to Rs 5,500 per sq.ft. There are no figures available for the years not mentioned in this timeline.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, positioning A V M Avenue 1st Street above this median.

• A V M Avenue 1st Main Road: Rs 5,500 per sq.ft (2024)
• A V M Avenue 2nd Main Road: Rs 5,500 per sq.ft (2024)
• A V M Avenue 2nd Street: Rs 5,500 per sq.ft (2024)
• A V M Avenue 3rd Street: Rs 5,500 per sq.ft (2024)
• A V M Avenue 4th Street: Rs 5,500 per sq.ft (2024)
• A V M Avenue 5th Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in A V M Avenue 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000. Together, these costs total Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers A V M Avenue 1st Street?

The Sub Registrar Office that covers A V M Avenue 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a reference point used during the registration of property transactions in Virugambakkam. It helps determine the stamp duty and registration fees that need to be paid when a property is bought or sold.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of A V M Avenue 1st Street?

The current guideline value of A V M Avenue 1st Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 499 per sq.ft in 2002 and reaching Rs 5,500 per sq.ft in 2024, reflecting various increases and one decrease over the years.

What is the land classification for A V M Avenue 1st Street?

A V M Avenue 1st Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in A V M Avenue 1st Street?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Where is the Sub Registrar Office for A V M Avenue 1st Street located?

The Sub Registrar Office for A V M Avenue 1st Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.