Guideline Value for Avenue Road

Avenue Road guideline value

The current guideline value of Avenue Road, located in Nungambakkam village, is Rs 11,500 per sq.ft, effective from 1 July 2024. This street falls under the Chennai Central Joint II SRO and is classified as Commercial Special Type - V.

How the guideline value of Avenue Road has changed

The guideline value for Avenue Road has seen several revisions over the years. In 2002, the guideline value was Rs 1,367 per sq.ft. This figure increased significantly to Rs 3,500 per sq.ft in 2007, marking a rise of 156%. The value then jumped to Rs 10,500 per sq.ft in 2012, reflecting a 200% increase. However, it decreased to Rs 7,035 per sq.ft in 2017, a decline of 33%. The value then rose to Rs 10,500 per sq.ft in 2023, followed by another increase to the current rate of Rs 11,500 per sq.ft in 2024, which is a rise of 10%.

Overall, from 2002 to 2024, the guideline value has increased by 741%. It is important to note that the register has no figure for Avenue Road in 2003.

Guideline values in Nungambakkam

Nungambakkam village has a total of 270 streets under the Chennai Central Joint II SRO, with guideline values ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for the area is Rs 8,800 per sq.ft, placing Avenue Road's 2024 figure above this median.

• Ayya Street: Rs 5,500 per sq.ft (2024)
• Aziz mulk 1st St.,: Rs 10,400 per sq.ft (2024)
• Aziz Mulk 2nd St: Rs 10,400 per sq.ft (2024)
• Aziz Mulk 3nd St: Rs 10,400 per sq.ft (2024)
• Aziz Mulk 4th St: Rs 10,400 per sq.ft (2024)
• Aziz Mulk 5th St: Rs 10,400 per sq.ft (2024)

Stamp duty and registration fee for property in Avenue Road

For a 1,000 sq.ft plot at the current guideline value of Rs 11,500 per sq.ft, the total guideline value amounts to Rs 1,15,00,000. The stamp duty at 7% would be Rs 8,05,000, and the registration fee at 2% would be Rs 2,30,000, totaling Rs 10,35,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Avenue Road?

The Sub Registrar Office that covers Avenue Road is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is conducted at a fair value according to government regulations.

When registering a property, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the state receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Avenue Road?

The current guideline value of Avenue Road is Rs 11,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,367 per sq.ft in 2002 to Rs 11,500 per sq.ft in 2024, marking an overall increase of 741% over the years.

What is the land classification of Avenue Road?

Avenue Road is classified as Commercial Special Type - V under the Chennai Central Joint II SRO.

What are the stamp duty and registration fees for properties on Avenue Road?

For a property valued at Rs 1,15,00,000, the stamp duty would be Rs 8,05,000 and the registration fee would be Rs 2,30,000, totaling Rs 10,35,000.

Where is the Sub Registrar Office for Avenue Road located?

The Sub Registrar Office covering Avenue Road is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.