Guideline Value for Asokar Street

Asokar Street guideline value

The current guideline value of Asokar Street in Sholavaram village is Rs 550 per sq.ft, effective from 1 July 2024. This street falls under the Redhills SRO and is classified as Residential Class III Type - I.

How the guideline value of Asokar Street has changed

Asokar Street has seen several revisions in its guideline value over the years. The earliest recorded figure is Rs 200 per sq.ft from the 2007 revision. This increased significantly to Rs 500 per sq.ft in the 2012 revision, but then decreased to Rs 335 per sq.ft in 2017. Following this, the value rose to Rs 500 per sq.ft in 2023, and currently stands at Rs 550 per sq.ft as per the 2024 revision. The changes between these revisions include a 150% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 10% increase from 2023 to 2024.

It is important to note that there are no figures available for Asokar Street in the 2002 and 2003 revisions. Overall, from 2007 to 2024, the guideline value has increased by 175%.

Guideline values in Sholavaram

In Sholavaram, there are 98 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 515 to Rs 3,500 per sq.ft, with a median value of Rs 660 per sq.ft. Asokar Street's 2024 guideline value of Rs 550 per sq.ft is below this median.

• At FUTURE CITY: Rs 550 per sq.ft (2024)
• Arimaa Kvg Nagar: Rs 710 per sq.ft (2024)
• Bajanai Koil Street: Rs 660 per sq.ft (2024)
• Anna Street: Rs 550 per sq.ft (2024)
• Balamurugan Nagar: Rs 550 per sq.ft (2024)
• Bala Murugan Nagar Annex: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Asokar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, totaling Rs 49,500. It is essential to note that duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Asokar Street?

The Sub Registrar Office that covers Asokar Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Sholavaram. It serves as the basis for calculating stamp duty and registration fees, ensuring that the transaction is recorded at a fair value as determined by the government.

When buying or selling property, it is essential to consider the guideline value to understand the financial implications, including the costs associated with registration. This value helps in determining the legal obligations and fees that need to be settled during the transaction process.

Frequently asked questions

What is the current guideline value of Asokar Street?

The current guideline value of Asokar Street is Rs 550 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 550 per sq.ft in 2024, reflecting an overall increase of 175% over the years.

What is the land classification for Asokar Street?

Asokar Street is classified as Residential Class III Type - I, indicating its intended use for residential purposes.

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

The Sub Registrar Office for Asokar Street is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for property in Asokar Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 5,50,000, the stamp duty would be Rs 38,500 at a rate of 7%.