Guideline Value for Durgai Avenue 16th Street

Durgai Avenue 16th Street guideline value

The current guideline value of Durgai Avenue 16th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Selavoyal village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Durgai Avenue 16th Street has changed

The guideline value for Durgai Avenue 16th Street has seen several revisions over the years. In 2012, the value was Rs 1,500 per sq.ft, which decreased to Rs 1,340 per sq.ft in 2017. This was followed by a significant increase to Rs 2,000 per sq.ft in 2023, and the current revision for 2024 has set the value at Rs 2,200 per sq.ft. The changes between these revisions are notable: from 2012 to 2017, there was a decrease of 11%, followed by an increase of 49% from 2017 to 2023, and finally, a rise of 10% from 2023 to 2024.

It is important to note that the register does not have figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Selavoyal

In Selavoyal, there are 170 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,300 per sq.ft. The median value is Rs 2,200 per sq.ft, which is the same as the current guideline value for Durgai Avenue 16th Street.

• Durgai Avenue 17th Street: Rs 2,200 per sq.ft (2024)
• Durgai Avenue 14th Street: Rs 2,200 per sq.ft (2024)
• Durgai Avenue 18th Street: Rs 2,200 per sq.ft (2024)
• Durgai Avenue 13th Street: Rs 2,200 per sq.ft (2024)
• Durgai Avenue 19th Street: Rs 2,200 per sq.ft (2024)
• Durgai Avenue 12th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Durgai Avenue 16th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Durgai Avenue 16th Street?

The Sub Registrar Office that covers Durgai Avenue 16th Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, in the Chennai registration zone. You can find your SRO for additional information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Selavoyal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the correct amount of revenue based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Durgai Avenue 16th Street?

The current guideline value of Durgai Avenue 16th Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Durgai Avenue 16th Street?

Durgai Avenue 16th Street is classified as Residential Class II Type - I.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Durgai Avenue 16th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 at 7%.