Guideline Value for Empee Avenue

Empee Avenue guideline value

The current guideline value of Empee Avenue is Rs 6,050 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village, under the Virugambakkam SRO, and is classified as Mixed Special Type - III.

How the guideline value of Empee Avenue has changed

The guideline value for Empee Avenue has undergone several revisions over the years. In 2002, the value was Rs 1,469 per sq.ft. This increased to Rs 1,604 per sq.ft in 2003, marking a 9% rise. The value saw a further increase to Rs 1,800 per sq.ft in 2007, which was a 12% change. By 2012, the guideline value was Rs 5,500 per sq.ft, reflecting a significant 206% increase from the previous revision.

In 2017, the value dropped to Rs 3,685 per sq.ft, showing a decrease of 33%. However, from 2017 to 2023, the value rose sharply to Rs 5,500 per sq.ft, which represents a 49% increase. The most recent revision in 2024 set the guideline value at Rs 6,050 per sq.ft, a 10% increase from the previous year.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, placing Empee Avenue's 2024 figure above this median.

• Ekambaram Street: Rs 4,950 per sq.ft (2024)
• East Mada Street: Rs 4,950 per sq.ft (2024)
• Gajendran Street: Rs 4,400 per sq.ft (2024)
• Duraisamy Road (Duraisamy Gramani Road): Rs 6,050 per sq.ft (2024)
• Gandhi Nagar - Agathiyar Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar - Ambethkar Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Empee Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 6,050 per sq.ft, the total guideline value would be Rs 60,50,000. The stamp duty at 7% would amount to Rs 4,23,500, and the registration fee at 2% would be Rs 1,21,000, bringing the total to Rs 5,44,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Empee Avenue?

The Sub Registrar Office that covers Empee Avenue is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value plays a crucial role when buying or selling property in Saligramam. It serves as a benchmark for determining the minimum price at which a property can be registered. This value is essential for calculating the stamp duty and registration fees that are payable during the transaction.

When a buyer and seller agree on a sale price, the registration office will assess whether the sale price is higher than the guideline value. If it is, the duty will be charged based on the sale price; otherwise, it will be based on the guideline value. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Empee Avenue?

The current guideline value of Empee Avenue is Rs 6,050 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,469 per sq.ft in 2002 to Rs 6,050 per sq.ft in 2024, reflecting an overall increase of 312% over the years.

What is the land classification of Empee Avenue?

Empee Avenue is classified as Mixed Special Type - III, which is relevant for understanding its development potential and regulatory framework.

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

For a property valued at Rs 60,50,000, the total stamp duty would be Rs 4,23,500 and the registration fee would be Rs 1,21,000, totaling Rs 5,44,500.

Which Sub Registrar Office covers Empee Avenue?

The Virugambakkam Sub Registrar Office covers Empee Avenue, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.