Guideline Value for ASHTALAKSHMI AVENUE 2ND STREET

Ashtalakshmi Avenue 2nd Street guideline value

The current guideline value of Ashtalakshmi Avenue 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Manapakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Ashtalakshmi Avenue 2nd Street has changed

The guideline value for Ashtalakshmi Avenue 2nd Street has seen several revisions over the years. In 2002, the value was Rs 352 per sq.ft, which increased to Rs 392 per sq.ft in 2003, marking an increase of 11%. By 2007, the value rose significantly to Rs 850 per sq.ft, reflecting a 117% increase. The 2012 revision saw a value of Rs 3,000 per sq.ft, which was a substantial increase of 253% from the previous revision. However, this was followed by a decrease to Rs 2,010 per sq.ft in 2017, a drop of 33%. The value then increased to Rs 3,000 per sq.ft in the 2023 revision, and finally, it reached Rs 3,300 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 838%. The register has no figures for the years not mentioned in the revisions.

Guideline values in Manapakkam

In Manapakkam, there are 368 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 12,800 per sq.ft. The median value for these streets is Rs 2,530 per sq.ft, placing Ashtalakshmi Avenue 2nd Street above this median.

• Ashtalakshmi Avenue Right Cross Street: Rs 3,300 per sq.ft (2024)
• Ashtalakshmi Joint Street: Rs 3,300 per sq.ft (2024)
• Astalakshmi Avenue: Rs 3,300 per sq.ft (2024)
• Astalakshmi Avenue 1st Street: Rs 3,300 per sq.ft (2024)
• A V Garden: Rs 5,590 per sq.ft (2024)
• Arijana Mayana Salai: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Ashtalakshmi Avenue 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total cost for these fees Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ashtalakshmi Avenue 2nd Street?

The Sub Registrar Office that covers Ashtalakshmi Avenue 2nd Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Manapakkam. It serves as a reference point for the registration of property transactions, ensuring that the value is consistent and transparent. Buyers and sellers must consider the guideline value when determining the sale price and calculating associated fees.

During the registration process, the guideline value is used to calculate stamp duty and registration fees. These fees are based on the higher of the guideline value or the sale price, which means that understanding the guideline value is essential for both parties involved in the transaction.

Frequently asked questions

What is the current guideline value of Ashtalakshmi Avenue 2nd Street?

The current guideline value of Ashtalakshmi Avenue 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 352 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, which is an overall increase of 838%.

What is the stamp duty for property in Ashtalakshmi Avenue 2nd Street?

The stamp duty for property in Ashtalakshmi Avenue 2nd Street is 7% of the guideline value or sale price, whichever is higher.

What is the registration fee for property transactions?

The registration fee for property transactions in Ashtalakshmi Avenue 2nd Street is 2% of the guideline value or sale price, whichever is higher.

Which Sub Registrar Office covers this area?

The Chennai South Joint I Sub Registrar Office covers Ashtalakshmi Avenue 2nd Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.