Guideline Value for E.V.P. PRABHU AVENUE 7TH STREET

E.V.P. Prabhu Avenue 7th Street guideline value

The current guideline value of E.V.P. Prabhu Avenue 7th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Kolathuvancheri village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of E.V.P. Prabhu Avenue 7th Street has changed

The guideline value for E.V.P. Prabhu Avenue 7th Street has seen several revisions over the years. The oldest available revision is from 2012, where the guideline value was Rs 2,000 per sq.ft. In 2017, it decreased to Rs 1,340 per sq.ft, marking a reduction of 33%. However, by 2023, the value increased significantly to Rs 2,000 per sq.ft, and further rose to Rs 2,200 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 660 to Rs 4,600 per sq.ft. The median guideline value in this area is Rs 1,650 per sq.ft, making the 2024 figure for E.V.P. Prabhu Avenue 7th Street above the median.

• E.V.P. Prabhu Avenue 6th Street: Rs 2,200 per sq.ft (2024)
• E.V.P. Prabhu Avenue 8th Street: Rs 2,200 per sq.ft (2024)
• E.V.P. Prabhu Avenue 5th Street: Rs 2,200 per sq.ft (2024)
• E.V.P. Prabhu Avenue 9th Street: Rs 1,870 per sq.ft (2024)
• E.V.P. Prabhu Avenue 4th Street: Rs 2,200 per sq.ft (2024)
• E.V.P. Prabhu Avenue Extension: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in E.V.P. Prabhu Avenue 7th 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 amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, these fees would total 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.

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

Which Sub Registrar Office covers E.V.P. Prabhu Avenue 7th Street?

The E.V.P. Prabhu Avenue 7th Street falls under the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Kolathuvancheri. It serves as a benchmark to determine the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring compliance with legal requirements during the transaction.

Frequently asked questions

What is the current guideline value of E.V.P. Prabhu Avenue 7th Street?

The current guideline value of E.V.P. Prabhu Avenue 7th 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 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the registration office for E.V.P. Prabhu Avenue 7th Street?

The registration office that covers E.V.P. Prabhu Avenue 7th Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What are the stamp duty rates for properties in this area?

The stamp duty rate for properties in E.V.P. Prabhu Avenue 7th Street is 7%, while the registration fee is 2%. These fees are calculated based on the higher of the guideline value or the sale price.

What is the median guideline value in Kolathuvancheri?

The median guideline value in Kolathuvancheri is Rs 1,650 per sq.ft. The guideline value for E.V.P. Prabhu Avenue 7th Street is above this median, currently set at Rs 2,200 per sq.ft.