Guideline Value for Aavin Illam (Ward-08)

Aavin Illam (Ward-08) guideline value

The current guideline value of Aavin Illam (Ward-08) is Rs 1,600 per sq.ft, effective from 1 July 2024. This property is located in Madhavaram village under the Madhavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Aavin Illam (Ward-08) has changed

The guideline value for Aavin Illam (Ward-08) has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which remained unchanged in the 2023 revision. However, the 2024 revision increased the value to Rs 1,600 per sq.ft, marking a 7% increase from the previous year.

In summary, the guideline value has remained stable at Rs 1,500 per sq.ft from 2012 to 2023, with an overall increase of 7% from 2012 to 2024. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in the area is Rs 1,600 per sq.ft, which matches the current value for Aavin Illam (Ward-08).

• Aa.Po.Arasu St (Ward No.18): Rs 1,300 per sq.ft (2024)
• Abirami Nagar: Rs 1,300 per sq.ft (2024)
• Abirami Nagar (Ward-29): Rs 1,300 per sq.ft (2024)
• Adhilakshmi Nagar (Ward No.26): Rs 1,300 per sq.ft (2024)
• Adhi Nagar: Rs 1,300 per sq.ft (2024)
• Adhi Sesha Nagar (Ponniamman Medu): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Aavin Illam (Ward-08)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total fees to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Aavin Illam (Ward-08)?

The Aavin Illam (Ward-08) falls under the Madhavaram Sub Registrar Office located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

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

When buying or selling property, the guideline value helps in assessing the fair value of the property, thereby facilitating a transparent transaction process. Buyers and sellers should be aware of the current guideline value to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value for Aavin Illam (Ward-08)?

The current guideline value for Aavin Illam (Ward-08) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Aavin Illam (Ward-08) has seen a stable figure of Rs 1,500 per sq.ft from 2012 to 2023, followed by an increase to Rs 1,600 per sq.ft in 2024, which is a 7% rise from the previous year.

What are the stamp duty and registration fees for properties in Aavin Illam?

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000, totaling Rs 1,44,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office covers Aavin Illam (Ward-08)?

The Madhavaram Sub Registrar Office covers Aavin Illam (Ward-08), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Aavin Illam?

Aavin Illam (Ward-08) is classified as Residential Class II Type - I, indicating its designation for residential purposes within the locality.