Guideline Value for AVVAI STREET

Avvai Street guideline value

The current guideline value of Avvai Street, located in Ramapuram village, is Rs 2,750 per sq.ft. This value is set by the Chennai South Joint II SRO and falls under the Residential Class II Type - II land classification.

How the guideline value of Avvai Street has changed

The guideline value for Avvai Street has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 245 per sq.ft. This increased to Rs 304 per sq.ft in 2003, marking a 24% increase. The value further rose significantly to Rs 1,100 per sq.ft in 2007, representing a 262% increase. In 2012, the value remained at Rs 2,500 per sq.ft, showing no figure for that year in the register for this street. The 2017 revision saw a decrease to Rs 1,675 per sq.ft, which was a 33% drop from the previous figure. However, the value surged to Rs 2,500 per sq.ft in 2023, before reaching the current rate of Rs 2,750 per sq.ft in the 2024 revision, reflecting a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1022%. The revisions indicate significant fluctuations in the value over the years, with the most recent increase being from 2023 to 2024.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO, with 2024 guideline values ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value for these streets is Rs 3,100 per sq.ft, placing Avvai Street's 2024 value below this median.

• Avviyar Street: Rs 1,950 per sq.ft (2024)
• Bajanai Koil Street: Rs 2,750 per sq.ft (2024)
• Bajanai Koil Street Lane: Rs 2,750 per sq.ft (2024)
• ARUNACHALAM Street: Rs 2,750 per sq.ft (2024)
• Arunachalam 2nd Street: Rs 2,750 per sq.ft (2024)
• Arunachalam 1st Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Avvai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for these fees would be Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Avvai Street?

The Sub Registrar Office that covers Avvai Street is the Chennai South Joint II 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 Ramapuram

The guideline value is a crucial factor when buying or selling property in Ramapuram. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. These fees are based on the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Avvai Street?

The current guideline value of Avvai Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 245 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 1022% over this period.

What are the stamp duty and registration fees for property in Avvai Street?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office covers Avvai Street?

Avvai Street falls under the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What is the land classification for Avvai Street?

Avvai Street is classified under Residential Class II Type - II, indicating its use for residential purposes within the area.