Guideline Value for BANU AVENUE

Banu Avenue guideline value

The current guideline value of Banu Avenue in Thiruvanmiyur village, under the Chennai South Joint I SRO, is Rs 7,150 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class IV Type - I.

How the guideline value of Banu Avenue has changed

The guideline value for Banu Avenue has seen significant changes over the years. Starting from Rs 1,138 per sq.ft in 2002, it increased to Rs 1,259 per sq.ft in 2003, marking an 11% rise. The value then rose to Rs 1,800 per sq.ft in 2007, reflecting a 43% increase. In 2012, the value was recorded at Rs 6,500 per sq.ft, which was a substantial 261% increase from the previous revision. However, it decreased by 33% to Rs 4,355 per sq.ft in 2017.

From 2017 to 2023, the guideline value jumped by 49% to Rs 6,500 per sq.ft. The most recent revision in 2024 saw another increase of 10%, bringing the current value to Rs 7,150 per sq.ft. There are no figures available for the years not mentioned in the revision register for this street.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median value for these streets is Rs 9,900 per sq.ft, placing Banu Avenue's 2024 figure below the median.

• Balu Avenue: Rs 7,150 per sq.ft (2024)
• Balam Estate: Rs 7,150 per sq.ft (2024)
• Balakrishna Street: Rs 12,650 per sq.ft (2024)
• Beach Road: Rs 12,650 per sq.ft (2024)
• Beach Road Kuppam (Singaravelan Nagar): Rs 7,150 per sq.ft (2024)
• Besant Nagar 15th Cross Street: Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in Banu Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 7,150 per sq.ft, the total guideline value would be Rs 71,50,000. The stamp duty at 7% would amount to Rs 5,00,500, and the registration fee at 2% would be Rs 1,43,000, bringing the total to Rs 6,43,500. It is important to note that 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 Banu Avenue?

The Sub Registrar Office that covers Banu Avenue is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

When buying or selling property in Thiruvanmiyur, the guideline value plays a crucial role in determining the registration fees and stamp duty. The guideline value is assessed based on the prevailing rates for the area and is used to calculate the charges applicable during the registration process.

It is essential for buyers and sellers to be aware of the guideline value, as it ensures that the transaction is registered at a value that reflects the current market conditions. This helps maintain transparency and legality in property transactions.

Frequently asked questions

What is the current guideline value of Banu Avenue?

The current guideline value of Banu Avenue is Rs 7,150 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 1,138 per sq.ft in 2002 to Rs 7,150 per sq.ft in 2024, reflecting an overall increase of 528% over the years.

What is the land classification for Banu Avenue?

Banu Avenue is classified as Residential Class IV Type - I, which indicates its designation for residential purposes.

Where can I find the Sub Registrar Office for Banu Avenue?

The Sub Registrar Office for Banu Avenue is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for property in Banu Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 71,50,000 would incur a stamp duty of Rs 5,00,500 at 7%.