Guideline Value for AVVAI NAGAR (SRINIVASAPURAM)

Avvai Nagar (Srinivasapuram) guideline value

The current guideline value of Avvai Nagar (Srinivasapuram) is Rs 4,900 per sq.ft, effective from 1 July 2024. This area is classified under Residential Class V Type - II and falls within the Mylapore village, governed by the Mylapore SRO.

How the guideline value of Avvai Nagar (Srinivasapuram) has changed

The guideline value of Avvai Nagar has seen several revisions over the years. In 2002, the value was Rs 498 per sq.ft, which increased to Rs 554 per sq.ft in 2003, marking an 11% rise. The value then jumped significantly to Rs 1,200 per sq.ft in 2007, reflecting a 117% increase. By 2012, the guideline value remained unchanged at Rs 4,500 per sq.ft, which continued through the 2023 revision.

The most recent revision in 2024 saw the guideline value increase to Rs 4,900 per sq.ft, representing a 9% increase from the previous year. It is important to note that the register has no figure for this street in 2017.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. The guideline value of Avvai Nagar (Srinivasapuram) is below this median.

• Avvai Nagar West/South/Beach Road: Rs 3,300 per sq.ft (2024)
• Athiyappan Street: Rs 7,100 per sq.ft (2024)
• Bagirathi Ammal Street: Rs 11,500 per sq.ft (2024)
• Ashoka Road: Rs 7,100 per sq.ft (2024)
• Arunthathi Colony: Rs 3,300 per sq.ft (2024)
• Arundale Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Avvai Nagar (Srinivasapuram)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, making the total cost for these fees Rs 4,41,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Avvai Nagar (Srinivasapuram)?

The Avvai Nagar (Srinivasapuram) area is covered by the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

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

When buying or selling property, the guideline value helps both parties understand the fair value of the property. It is essential for buyers to be aware of this value to avoid overpaying, while sellers can use it to set realistic expectations for their property's worth during negotiations.

Frequently asked questions

What is the current guideline value of Avvai Nagar (Srinivasapuram)?

The current guideline value of Avvai Nagar (Srinivasapuram) is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 498 per sq.ft in 2002 to Rs 4,900 per sq.ft in 2024, marking an overall increase of 884% over the years.

What is the land classification of Avvai Nagar (Srinivasapuram)?

Avvai Nagar (Srinivasapuram) is classified under Residential Class V Type - II.

What are the stamp duty and registration fees for properties in Avvai Nagar?

For a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000, and the registration fee would be Rs 98,000, totaling Rs 4,41,000.

Which Sub Registrar Office handles transactions for Avvai Nagar (Srinivasapuram)?

The Mylapore Sub Registrar Office handles transactions for Avvai Nagar (Srinivasapuram), located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.