Guideline Value for ASPIRE CITY

Aspire City guideline value

The current guideline value of Aspire City, located in Maiyur village under the Chengleput Joint II SRO, is Rs 500 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Aspire City has changed

The guideline value for Aspire City has undergone several revisions over the years. Starting with the 2007 revision, the guideline value was Rs 300 per sq.ft. This increased to Rs 500 per sq.ft in the 2012 revision, then decreased to Rs 335 per sq.ft in 2017. Following this, the value remained at Rs 500 per sq.ft during the 2023 revision and continues at the same rate for the 2024 revision, showing no change between 2023 and 2024.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 67%. The 2017 revision saw a significant increase of 49% from the previous figure, while the 2012 revision to 2017 experienced a decrease of 33%. The 2007 to 2012 revision marked a notable increase of 67% in the guideline value.

Guideline values in Maiyur

In Maiyur, there are 28 streets under the Chengleput Joint II SRO that carry a 2024 guideline value, ranging from Rs 200 to Rs 700 per sq.ft. The median guideline value for these streets is Rs 400 per sq.ft, placing Aspire City's 2024 figure above this median.

• A.R.Garden: Rs 400 per sq.ft (2024)
• Annai Terasa Nagar: Rs 500 per sq.ft (2024)
• Golden Palar Gardens: Rs 400 per sq.ft (2024)
• Green City: Rs 400 per sq.ft (2024)
• Green Park Avenue: Rs 400 per sq.ft (2024)
• Hariyagrivar Nagar: Rs 400 per sq.ft (2024)

Stamp duty and registration fee for property in Aspire City

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, while the registration fee at 2% would be Rs 10,000, bringing the total fees to Rs 45,000. 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 details.

Which Sub Registrar Office covers Aspire City?

The Aspire City area is covered by the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Maiyur. It is used as a basis for calculating the stamp duty and registration fees that must be paid during the registration process. Buyers and sellers must ensure that the sale price is in line with the guideline value to avoid discrepancies.

When a property is registered, the guideline value is compared with the sale price, and the higher amount is used to determine the applicable stamp duty. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Aspire City?

The current guideline value of Aspire City is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, starting from Rs 300 per sq.ft in 2007 to Rs 500 per sq.ft in 2012, then decreasing to Rs 335 per sq.ft in 2017. It remained at Rs 500 per sq.ft in both the 2023 and 2024 revisions.

What is the median guideline value in Maiyur?

The median guideline value for the streets in Maiyur is Rs 400 per sq.ft, with Aspire City's 2024 figure of Rs 500 per sq.ft being above this median.

How is stamp duty calculated in Aspire City?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft would incur a total guideline value of Rs 5,00,000.

Where can I find the Chengleput Joint II Sub Registrar Office?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002. You can find more details online.