Guideline Value for ASIAD COLONY (7th Avenue)

ASIAD COLONY (7th Avenue) guideline value

The current guideline value of ASIAD COLONY (7th Avenue) is Rs 13,100 per sq.ft, effective from 1 July 2024. This area is located in Padi village under the Villivakkam SRO and is classified as Residential Special Type - I.

How the guideline value of ASIAD COLONY (7th Avenue) has changed

The guideline value for ASIAD COLONY (7th Avenue) has seen several revisions over the years. The 2012 revision set the value at Rs 12,000 per sq.ft, which was later reduced to Rs 8,040 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 12,000 per sq.ft in the 2023 revision, before reaching the current value of Rs 13,100 per sq.ft in 2024.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. The latest revision from 2023 to 2024 reflects a 9% increase. Overall, from 2012 to 2024, the guideline value has increased by 9%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Padi

In Padi, there are 354 streets under the Villivakkam SRO, with a 2024 guideline value range from Rs 2,200 to Rs 13,200 per sq.ft. The median value for these streets is Rs 3,800 per sq.ft, placing ASIAD COLONY (7th Avenue) above the median.

• Avvai Street: Rs 2,500 per sq.ft (2024)
• Ayyothiamman Koil Street: Rs 2,500 per sq.ft (2024)
• A.P.PLOTS 9th STREET: Rs 7,700 per sq.ft (2024)
• A.P.PLOTS 8th STREET: Rs 7,700 per sq.ft (2024)
• A.P.PLOTS 7th STREET: Rs 7,700 per sq.ft (2024)
• A.P.PLOTS 6th STREET: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in ASIAD COLONY (7th Avenue)

For a 1,000 sq.ft plot at the current guideline value of Rs 13,100 per sq.ft, the total guideline value amounts to Rs 1,31,00,000. The stamp duty at 7% would be Rs 9,17,000, and the registration fee at 2% would be Rs 2,62,000, bringing the total fees together to Rs 11,79,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers ASIAD COLONY (7th Avenue)?

The Sub Registrar Office that covers ASIAD COLONY (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 more details.

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

The guideline value is a crucial factor during the registration of property transactions in Padi. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of the property. This value is used by the Sub Registrar Office to calculate the applicable stamp duty and registration fees, which are mandatory for legal property transactions.

Frequently asked questions

What is the current guideline value of ASIAD COLONY (7th Avenue)?

The current guideline value of ASIAD COLONY (7th Avenue) is Rs 13,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 12,000 per sq.ft in 2012 to Rs 8,040 per sq.ft in 2017, then increased to Rs 12,000 per sq.ft in 2023, and finally to Rs 13,100 per sq.ft in 2024.

What is the land classification for ASIAD COLONY (7th Avenue)?

ASIAD COLONY (7th Avenue) is classified as Residential Special Type - I.

What is the registration office for ASIAD COLONY (7th Avenue)?

The registration office for ASIAD COLONY (7th Avenue) is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in ASIAD COLONY (7th Avenue)?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 9,17,000.