Guideline Value for Central Avenue

Central Avenue guideline value

The current guideline value of Central Avenue in Venkatapuram village, under the Adayar SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Central Avenue has changed

The guideline value for Central Avenue has seen several revisions over the years. In 2007, the value was Rs 3,000 per sq.ft, which increased to Rs 5,000 per sq.ft in 2012. However, it decreased to Rs 3,350 per sq.ft in 2017. The value then rose significantly to Rs 5,000 per sq.ft in 2023, and currently stands at Rs 5,500 per sq.ft from the 2024 revision.

Between the revisions, the changes were as follows: from 2007 to 2012, there was an increase of 67%. However, from 2012 to 2017, the value decreased by 33%. The value then increased by 49% from 2017 to 2023, and finally, from 2023 to 2024, there was a rise of 10%. Overall, from 2007 to 2024, the guideline value has increased by 83%.

Guideline values in Venkatapuram

In Venkatapuram, there are 36 streets under the Adayar SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 15,400 per sq.ft. The median guideline value is Rs 5,500 per sq.ft, which is the same as the current value for Central Avenue.

• Central Avenue Road: Rs 5,500 per sq.ft (2024)
• Chinnamalai: Rs 8,300 per sq.ft (2024)
• Bishop Colony: Rs 8,300 per sq.ft (2024)
• Church Colony: Rs 4,400 per sq.ft (2024)
• Bharathi Street: Rs 2,800 per sq.ft (2024)
• Arokkiyamada Nagar: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Central Avenue

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 to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Central Avenue?

The Sub Registrar Office that covers Central Avenue is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Venkatapuram. It serves as the basis for calculating stamp duty and registration fees, ensuring that these costs are aligned with the official valuation set by the government.

When buying or selling property, it is essential to be aware of the current guideline value, as it impacts the overall financial obligations. Buyers should ensure that they are prepared to cover the necessary fees based on this value during the registration process.

Frequently asked questions

What is the current guideline value of Central Avenue?

The current guideline value of Central Avenue 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 from Rs 3,000 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, with various increases and decreases in between. The most significant increase occurred from 2017 to 2023, with a rise of 49%.

What is the land classification for Central Avenue?

Central Avenue is classified as Residential Class II Type - I. This classification is important for determining the applicable guidelines and regulations for property transactions in the area.

Where can I find the Adayar Sub Registrar Office?

The Adayar Sub Registrar Office is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. This office handles the registration of property transactions in the area.

How is stamp duty calculated for properties in Central Avenue?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 55,00,000, the stamp duty at 7% would be Rs 3,85,000.