Guideline Value for Andavar Street

Andavar Street guideline value

The current guideline value of Andavar Street in Madipakkam-1 village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Velacheri SRO and is classified as Residential Class II Type - I.

How the guideline value of Andavar Street has changed

The guideline value for Andavar Street has seen several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft, which increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant increase of 49%. The most recent revision in 2024 raised the guideline value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register does not contain figures for Andavar Street for the years 2002, 2003, 2007, and 2012.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, placing Andavar Street's 2024 value below this median.

• Andavar Street, Balaiah Garden: Rs 3,850 per sq.ft (2024)
• Andavar Street / Thilagar Avenue: Rs 3,300 per sq.ft (2024)
• Andal Street, Balaiah Garden: Rs 3,850 per sq.ft (2024)
• Andal Nagar Extn: Rs 2,200 per sq.ft (2024)
• Andal Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)
• Andal Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Andavar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Andavar Street?

The Sub Registrar Office that covers Andavar Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor during the registration of property transactions in Madipakkam-1. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on the official valuation of the property.

When buying or selling property, the guideline value helps both parties understand the minimum value at which the property can be registered. This ensures transparency and compliance with local regulations during the transaction process.

Frequently asked questions

What is the current guideline value of Andavar Street?

The current guideline value of Andavar Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed in recent years?

Since the 2017 revision, the guideline value has increased by 64% from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024. The most recent change was a 10% increase from Rs 2,000 per sq.ft in 2023.

What is the land classification for Andavar Street?

Andavar Street is classified as Residential Class II Type - I, indicating its use for residential purposes.

What other streets have guideline values in Madipakkam-1?

Other streets in Madipakkam-1 include Andavar Street, Balaiah Garden at Rs 3,850 per sq.ft, Andavar Street / Thilagar Avenue at Rs 3,300 per sq.ft, and several others, with values ranging from Rs 2,200 to Rs 5,500 per sq.ft.

Where can I find the Sub Registrar Office for Andavar Street?

The Velacheri Sub Registrar Office covers Andavar Street and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.