Guideline Value for Avvai (Avvaiyar) Street

Avvai (Avvaiyar) Street guideline value

The current guideline value of Avvai (Avvaiyar) Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Avvai (Avvaiyar) Street has changed

The guideline value for Avvai (Avvaiyar) Street has seen several revisions over the years. The 2012 revision set the value at Rs 4,000 per sq.ft, which was then reduced to Rs 2,680 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 4,000 per sq.ft, and the most recent 2024 revision has set it at Rs 4,400 per sq.ft. The register has no figure for this street in 2002, 2003, and 2007.

Between the revisions, the guideline value changed as follows: from 2012 to 2017, there was a decrease of 33%; from 2017 to 2023, there was an increase of 49%; and from 2023 to 2024, the increase was 10%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO carrying a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is equal to the current value of Avvai (Avvaiyar) Street.

• Audco (Atko) Colony: Rs 4,400 per sq.ft (2024)
• Ayothiaya Colony: Rs 3,850 per sq.ft (2024)
• Ayothiaya Colony 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Ayothiaya Colony 1st street: Rs 3,850 per sq.ft (2024)
• Ayothiaya Colony 2nd street: Rs 3,850 per sq.ft (2024)
• Ayothiaya Colony 3rd street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Avvai (Avvaiyar) Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. Duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Avvai (Avvaiyar) Street?

The Sub Registrar Office covering Avvai (Avvaiyar) Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is crucial during property transactions as it determines the minimum price at which a property can be registered. It ensures that the property is not undervalued during the sale, thus safeguarding the interests of the government in terms of revenue collection.

When buying or selling property in Velachery, it's essential to be aware of the guideline value, as it affects the stamp duty and registration fees payable. Buyers should ensure that the sale price meets or exceeds the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Avvai (Avvaiyar) Street?

The current guideline value of Avvai (Avvaiyar) Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024.

What is the land classification for Avvai (Avvaiyar) Street?

Avvai (Avvaiyar) Street is classified as Residential Class II Type - II under the guideline value register.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions is charged at 7% on the guideline value or the sale price, whichever is higher. The registration fee is charged at 2% of the guideline value.

Where can I find the Sub Registrar Office for Avvai (Avvaiyar) Street?

The Sub Registrar Office for Avvai (Avvaiyar) Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.