Guideline Value for Chitra Avenue

Chitra Avenue guideline value

The current guideline value of Chitra Avenue, located in Mudichur village under the Padappai SRO, is Rs 1,760 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Chitra Avenue has changed

The guideline value of Chitra Avenue has undergone several revisions over the years. In 2007, the value was set at Rs 150 per sq.ft. This figure saw a significant increase to Rs 1,600 per sq.ft in 2012, marking a rise of 967%. However, in 2017, the value decreased to Rs 1,072 per sq.ft, reflecting a decline of 33%. The trend reversed in 2023, with the guideline value rising to Rs 1,600 per sq.ft, and then further increased by 10% to the current value of Rs 1,760 per sq.ft in 2024.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 1073%.

Guideline values in Mudichur

In Mudichur, there are 135 streets under the Padappai SRO that have a 2024 guideline value ranging from Rs 880 to Rs 4,000 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Chitra Avenue is below this median.

• Co-Operative Colony: Rs 3,630 per sq.ft (2024)
• Co Optex Colony: Rs 3,630 per sq.ft (2024)
• Captain Sasikumar Nagar: Rs 2,200 per sq.ft (2024)
• B.M.Avenue: Rs 2,200 per sq.ft (2024)
• Dhanalakshmi Street: Rs 1,210 per sq.ft (2024)
• Dhaniya Lakshmi Street: Rs 1,210 per sq.ft (2024)

Stamp duty and registration fee for property in Chitra Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,760 per sq.ft, the total guideline value would be Rs 17,60,000. The stamp duty at 7% would amount to Rs 1,23,200, and the registration fee at 2% would be Rs 35,200, bringing the total to Rs 1,58,400. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Chitra Avenue?

The Sub Registrar Office that covers Chitra Avenue is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO here.

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

The guideline value is a crucial factor during property registration in Mudichur. It serves as a reference point for determining the stamp duty and registration fees applicable to the property transaction. Buyers and sellers must consider the guideline value to ensure compliance with legal requirements during the sale process.

When a property is sold, the guideline value is used to assess the transaction value for taxation purposes. This ensures that the correct amount of stamp duty and registration fees are collected based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Chitra Avenue?

The current guideline value of Chitra Avenue is Rs 1,760 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased significantly from Rs 150 per sq.ft in 2007 to Rs 1,760 per sq.ft in 2024, representing an overall increase of 1073%.

What are the stamp duty and registration fees for a property in Chitra Avenue?

For a property valued at Rs 17,60,000, the stamp duty would be Rs 1,23,200, and the registration fee would be Rs 35,200, totaling Rs 1,58,400.

Which Sub Registrar Office covers Chitra Avenue?

The Padappai Sub Registrar Office covers Chitra Avenue, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What is the land classification for Chitra Avenue?

Chitra Avenue is classified as Residential Class I Type - I, indicating its designation for residential purposes.