Guideline Value for ASTALAKSHMI AVENUE 1ST STREET

Astalakshmi Avenue 1st Street guideline value

The current guideline value for Astalakshmi Avenue 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Manapakkam village under the Chennai South Joint I SRO, classified as Residential Class I Type - I.

How the guideline value of Astalakshmi Avenue 1st Street has changed

Since the 2002 revision, the guideline value for Astalakshmi Avenue 1st Street has seen significant changes. In 2002, the value was Rs 352 per sq.ft, which increased to Rs 392 per sq.ft in 2003, marking an 11% rise. The value further escalated to Rs 850 per sq.ft in 2007, reflecting a 117% increase. The 2012 revision saw a decrease to Rs 3,000 per sq.ft, a drop of 33%. However, the value rebounded to Rs 2,010 per sq.ft in 2017, which was a 49% increase from the previous revision. The guideline value then rose to Rs 3,000 per sq.ft in 2023, before reaching the current value of Rs 3,300 per sq.ft in 2024, marking a 10% increase.

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

Guideline values in Manapakkam

In Manapakkam, there are 368 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 12,800 per sq.ft. The median guideline value for these streets is Rs 2,530 per sq.ft, positioning Astalakshmi Avenue 1st Street's 2024 figure above this median.

• Astalakshmi Avenue: Rs 3,300 per sq.ft (2024)
• Ashtalakshmi Joint Street: Rs 3,300 per sq.ft (2024)
• Ashtalakshmi Avenue Right Cross Street: Rs 3,300 per sq.ft (2024)
• Ashtalakshmi Avenue 2nd 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 Astalakshmi Avenue 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the 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, totaling Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Astalakshmi Avenue 1st Street?

The Sub Registrar Office that covers Astalakshmi Avenue 1st 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 additional information.

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

The guideline value is a crucial factor when buying or selling property in Manapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware that the guideline value impacts the stamp duty and registration fees applicable during the transaction.

When a property is registered, the stamp duty is calculated based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions. Understanding the guideline value is essential for all parties involved in real estate transactions in the area.

Frequently asked questions

What is the current guideline value of Astalakshmi Avenue 1st Street?

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

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 352 per sq.ft to Rs 3,300 per sq.ft in 2024, representing an overall increase of 838%.

What is the land classification for Astalakshmi Avenue 1st Street?

Astalakshmi Avenue 1st Street is classified as Residential Class I Type - I under the Chennai South Joint I SRO.

Where is the Sub Registrar Office located for this street?

The Chennai South Joint I Sub Registrar Office is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in this area?

Stamp duty for properties in Astalakshmi Avenue 1st Street is calculated at 7% of the guideline value or the sale price, whichever is higher. The registration fee is an additional 2% of the guideline value.