Guideline Value for A V M Avenue 8th Street

A V M Avenue 8th Street guideline value

The current guideline value of A V M Avenue 8th 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 8th Street has changed

The guideline value for A V M Avenue 8th Street has undergone several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 427 per sq.ft. This increased to Rs 473 per sq.ft in 2003, marking an 11% rise. The value continued to climb significantly, reaching Rs 1,100 per sq.ft in 2007, which was a 133% increase from the previous revision. By 2012, the guideline value had risen to Rs 5,000 per sq.ft, reflecting a substantial 355% increase from 2007. However, this figure decreased to Rs 3,350 per sq.ft in 2017, indicating a 33% decline. The value then rose again to Rs 5,000 per sq.ft in 2023, a 49% increase from 2017. The most recent revision in 2024 set the guideline value at Rs 5,500 per sq.ft, a 10% increase from the previous year.

There are no figures available for the years not mentioned in the revisions for this street. 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 that have 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, placing A V M Avenue 8th Street's 2024 figure above that median.

• A V M Avenue 7th 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 6th Street: Rs 5,500 per sq.ft (2024)
• A V M Colony 2nd Street: Rs 4,950 per sq.ft (2024)
• A V M Avenue 5th Street: Rs 5,500 per sq.ft (2024)
• A V M Colony 3th Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in A V M Avenue 8th Street

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the 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, totaling Rs 4,95,000. Please 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 A V M Avenue 8th Street?

The Sub Registrar Office that covers A V M Avenue 8th 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 crucial during property transactions in Virugambakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations and to calculate applicable fees accurately.

When registering a property, the guideline value is used to assess the stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions, reflecting the property's value as determined by the local authority.

Frequently asked questions

What is the current guideline value of A V M Avenue 8th Street?

The current guideline value of A V M Avenue 8th 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 from Rs 427 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1188% over this period.

What is the land classification of A V M Avenue 8th Street?

A V M Avenue 8th Street is classified as Residential Class II Type - I.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in this area is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office located for A V M Avenue 8th Street?

The Sub Registrar Office for A V M Avenue 8th Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.