Guideline Value for Chitra Avenue

Chitra Avenue guideline value

The current guideline value of Chitra Avenue, located in Perungalathur village under the Padappai SRO, is Rs 2,970 per sq.ft, effective from 1 July 2024. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Chitra Avenue has changed

The guideline value for Chitra Avenue has seen significant changes over the years. In 2007, the value was Rs 250 per sq.ft. This figure increased dramatically to Rs 2,700 per sq.ft in 2012, marking a rise of 980%. However, in 2017, the value decreased to Rs 1,809 per sq.ft, a decline of 33%. The next revision in 2023 saw the guideline value rise to Rs 2,700 per sq.ft, followed by a further increase to Rs 2,970 per sq.ft in 2024, which is a 10% increase from the previous year.

From the 2017 revision to 2023, the value increased by 49%. Overall, from 2007 to 2024, the guideline value has risen by 1,088%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Perungalathur

In Perungalathur, there are 411 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,310 per sq.ft, placing Chitra Avenue's 2024 figure above that median.

• Cholan Theru: Rs 1,980 per sq.ft (2024)
• Cheran Theru: Rs 1,980 per sq.ft (2024)
• Chennai Metro Politan Co Operative Society Ltd: Rs 1,980 per sq.ft (2024)
• City Babu Street: Rs 1,980 per sq.ft (2024)
• Chendur Avenue: Rs 4,180 per sq.ft (2024)
• Corner Street: Rs 1,980 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 2,970 per sq.ft, the total guideline value amounts to Rs 29,70,000. The stamp duty at 7% would be Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, bringing the total to Rs 2,67,300. 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 accurate calculations.

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 for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Perungalathur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is sold, the guideline value is used to assess the appropriate fees, ensuring that the transaction is recorded accurately in the official register. It is essential for buyers and sellers to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Chitra Avenue?

The current guideline value of Chitra Avenue is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 2,970 per sq.ft in 2024, showing an overall increase of 1,088% over the years.

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

The stamp duty for a property in Chitra Avenue is 7%, and the registration fee is 2%. For example, a 1,000 sq.ft plot would incur a total of Rs 2,67,300 in fees based on the current guideline value.

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 median guideline value for streets in Perungalathur?

The median guideline value for streets in Perungalathur is Rs 2,310 per sq.ft, with Chitra Avenue's current value being above this median.