Guideline Value for Azhvar Thirunagar 1st Cross Street

Azhvar Thirunagar 1st Cross Street guideline value

The current guideline value of Azhvar Thirunagar 1st Cross Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Azhvar Thirunagar 1st Cross Street has changed

The guideline value for Azhvar Thirunagar 1st Cross Street has seen significant changes over the years. The earliest recorded revision in 2002 set the guideline value at Rs 400 per sq.ft. This increased to Rs 443 per sq.ft in 2003, marking an 11% rise. The value then surged to Rs 1,100 per sq.ft in 2007, representing a substantial increase of 148%. In 2012, the value reached Rs 5,000 per sq.ft, which was a dramatic jump of 355%. However, in 2017, the value decreased to Rs 3,350 per sq.ft, showing a decline of 33%. Following this, the value increased to Rs 5,000 per sq.ft in 2023, and finally, it is set at Rs 5,500 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1275%. There are no records in the register for any other revisions for this street.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Azhvar Thirunagar 1st Cross Street's 2024 figure above this median.

• Azhvar Thirunagar 2nd Cross Street Main Road: Rs 5,500 per sq.ft (2024)
• Azhvar Thirunagar Annex 1st Main Road: Rs 5,500 per sq.ft (2024)
• Azhvar Thirunagar Annex 2nd Main Road: Rs 5,500 per sq.ft (2024)
• Azhvar Thirunagar Annex 3rd Main Road: Rs 5,500 per sq.ft (2024)
• Azhagiri Samy Salai: Rs 8,800 per sq.ft (2024)
• Ayyavu Colony Kambar Nagar Extn.: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Azhvar Thirunagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total charges to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Azhvar Thirunagar 1st Cross Street?

The Azhvar Thirunagar 1st Cross Street falls under 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 Virugambakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used to calculate the applicable stamp duty and registration fees during the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. Buyers and sellers should be aware of the guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Azhvar Thirunagar 1st Cross Street?

The current guideline value of Azhvar Thirunagar 1st Cross Street is Rs 5,500 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 400 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, showing an overall increase of 1275%.

What is the role of the Virugambakkam SRO?

The Virugambakkam SRO is responsible for the registration of properties in the area, ensuring that all transactions comply with the legal requirements and are recorded accurately.

How is stamp duty calculated in Azhvar Thirunagar 1st Cross Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 5,500 per sq.ft, the stamp duty will be calculated accordingly.

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

Other streets in Virugambakkam include Azhvar Thirunagar 2nd Cross Street Main Road, Azhvar Thirunagar Annex 1st Main Road, Azhvar Thirunagar Annex 2nd Main Road, and Azhvar Thirunagar Annex 3rd Main Road, all with a guideline value of Rs 5,500 per sq.ft in 2024.