Guideline Value for DRIFT WOOD AVENUE

Drift Wood Avenue guideline value

The current guideline value of Drift Wood Avenue is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in the Sholinganallur - 1 village under the Neelankarai SRO and is classified as Residential Special Type - V.

How the guideline value of Drift Wood Avenue has changed

The guideline value for Drift Wood Avenue has seen significant changes over the years. The 2017 revision set the value at Rs 2,680 per sq.ft, which increased to Rs 4,000 per sq.ft in the 2023 revision, marking a 49% increase. The most recent revision in 2024 raised the value further to Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO with a 2024 guideline value range from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Drift Wood Avenue's 2024 figure above this median.

• Dr.Ambedkar Street (Near Ecr): Rs 2,200 per sq.ft (2024)
• Dr.Ambedkar Cross Street (Near Ecr): Rs 1,700 per sq.ft (2024)
• Duraisamy 2nd Street: Rs 2,200 per sq.ft (2024)
• Duraisamy Street: Rs 2,200 per sq.ft (2024)
• Durgai Amman Koil Street: Rs 1,700 per sq.ft (2024)
• Easer Mechnic Ltd: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Drift Wood Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost for these fees to Rs 3,96,000. 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 Drift Wood Avenue?

The Drift Wood Avenue is covered by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value plays a crucial role in the registration process when buying or selling property. It is the value set by the government that determines the minimum price at which a property can be registered, ensuring that the transaction is conducted at a fair value.

During the registration process, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Drift Wood Avenue?

The current guideline value of Drift Wood Avenue is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 2,680 per sq.ft in 2017 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 64% over these years.

What is the land classification for Drift Wood Avenue?

Drift Wood Avenue is classified as Residential Special Type - V according to the Neelankarai SRO.

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

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles the registration for Drift Wood Avenue?

The Neelankarai Sub Registrar Office handles the registration for Drift Wood Avenue, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.