Guideline Value for A V M Avenue 7th Street

A V M Avenue 7th Street guideline value

The current guideline value of A V M Avenue 7th Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of A V M Avenue 7th Street has changed

The guideline value for A V M Avenue 7th Street has undergone several revisions over the years. In 2002, the guideline value was Rs 427 per sq.ft, which increased to Rs 473 per sq.ft in 2003. The value saw a significant rise to Rs 1,100 per sq.ft in 2007, followed by a drastic increase to Rs 5,000 per sq.ft in 2012. However, it decreased to Rs 3,350 per sq.ft in 2017. The 2023 revision set the guideline value at Rs 5,000 per sq.ft, and the most recent revision in 2024 has raised it to Rs 5,500 per sq.ft.

From 2017 to 2023, there was a notable increase of 49%. The jump from 2012 to 2017 saw a decrease of 33%. The increase from 2007 to 2012 was substantial at 355%, while the rise from 2003 to 2007 was 133%. The guideline value increased by 11% from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 1188%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO, with guideline values for 2024 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, placing A V M Avenue 7th Street's 2024 figure above that median.

• A V M Avenue 6th Street: Rs 5,500 per sq.ft (2024)
• A V M Avenue 8th Street: Rs 5,500 per sq.ft (2024)
• A V M Avenue 5th Street: Rs 5,500 per sq.ft (2024)
• A V M Colony 1st Street: Rs 4,950 per sq.ft (2024)
• A V M Avenue 4th Street: Rs 5,500 per sq.ft (2024)
• A V M Colony 2nd Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in A V M Avenue 7th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total cost to Rs 4,95,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers A V M Avenue 7th Street?

The Sub Registrar Office that covers A V M Avenue 7th 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 utilized during the registration process of property transactions in Virugambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is compared to the sale price, and the duty is charged on the higher of the two. This ensures that the fees are reflective of the property's value as determined by the government.

Frequently asked questions

What is the current guideline value of A V M Avenue 7th Street?

The current guideline value of A V M Avenue 7th Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2002, the guideline value has increased significantly, from Rs 427 per sq.ft to Rs 5,500 per sq.ft in 2024. The largest increase occurred between 2007 and 2012, with a rise of 355%.

What is the land classification for A V M Avenue 7th Street?

A V M Avenue 7th Street falls under the land classification of Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for A V M Avenue 7th Street?

The Sub Registrar Office for A V M Avenue 7th Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. This office handles the registration of properties in the area.

How is stamp duty calculated for properties in Virugambakkam?

Stamp duty for properties in Virugambakkam is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 55,00,000 would incur a stamp duty of Rs 3,85,000 at a rate of 7%.