Guideline Value for Ayyavu Nagar 2nd Street

Ayyavu Nagar 2nd Street guideline value

The current guideline value of Ayyavu Nagar 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the Virugambakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Ayyavu Nagar 2nd Street has changed

The guideline value for Ayyavu Nagar 2nd Street has undergone several revisions over the years. The earliest recorded figure is from 2002, which was Rs 93 per sq.ft. This increased to Rs 102 per sq.ft in 2003, then to Rs 300 per sq.ft in 2007. The value saw a significant jump to Rs 2,500 per sq.ft in 2012, followed by a decrease to Rs 1,675 per sq.ft in 2017. The value then rose to Rs 2,500 per sq.ft in 2023 and finally reached Rs 2,750 per sq.ft in 2024.

In terms of changes, the guideline value increased by 10% from 2023 to 2024. From 2017 to 2023, there was a 49% increase. However, there was a decrease of 33% from 2012 to 2017. The value rose dramatically by 733% from 2007 to 2012, and from 2003 to 2007, it increased by 194%. The increase from 2002 to 2003 was 10%. Overall, from 2002 to 2024, the guideline value has increased by 2,857%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value in this area is Rs 3,050 per sq.ft, placing Ayyavu Nagar 2nd Street's 2024 figure below that median.

• Ayyavu Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Ayyavu Nagar 3rd Main Road: Rs 2,750 per sq.ft (2024)
• Ayyavu Naicken Street: Rs 2,750 per sq.ft (2024)
• Babyammal Road: Rs 4,400 per sq.ft (2024)
• Astalakshmi Nagar 9th Street: Rs 3,850 per sq.ft (2024)
• Astalakshmi Nagar 8th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ayyavu Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ayyavu Nagar 2nd Street?

The Sub Registrar Office that covers Ayyavu Nagar 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Maduravoyal. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is registered, the higher of the guideline value or the sale price is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue based on the property's value at the time of the transaction.

Frequently asked questions

What is the current guideline value of Ayyavu Nagar 2nd Street?

The current guideline value of Ayyavu Nagar 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 93 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 2,857% over this period.

What is the stamp duty for properties in Ayyavu Nagar 2nd Street?

The stamp duty for properties in Ayyavu Nagar 2nd Street is calculated at 7% of the guideline value or sale price, whichever is higher.

Which Sub Registrar Office is responsible for Ayyavu Nagar 2nd Street?

The Virugambakkam Sub Registrar Office is responsible for Ayyavu Nagar 2nd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What are the other streets in Maduravoyal with similar guideline values?

Other streets in Maduravoyal with similar guideline values include Ayyavu Nagar 1st Street, Ayyavu Nagar 3rd Main Road, and Ayyavu Naicken Street, all valued at Rs 2,750 per sq.ft in 2024.