Guideline Value for Empire Avenue

Empire Avenue guideline value

The current guideline value of Empire Avenue, located in Salamangalam village under the Sriperumpudur SRO, is Rs 400 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Empire Avenue has changed

Over the years, the guideline value for Empire Avenue has seen several revisions. The 2012 revision set the value at Rs 400 per sq.ft, which remained unchanged until the 2017 revision where it dropped to Rs 268 per sq.ft. However, from 2017 to 2023, the value increased significantly by 49% back to Rs 400 per sq.ft, which was maintained in the 2023 revision and continues into the 2024 revision.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. The overall change from 2012 to 2024 shows no net increase, maintaining the guideline value at Rs 400 per sq.ft.

Guideline values in Salamangalam

In Salamangalam village, there are 59 streets under the Sriperumpudur SRO that have a 2024 guideline value ranging from Rs 200 to Rs 3,100 per sq.ft, with a median value of Rs 500 per sq.ft. Empire Avenue's 2024 figure is below this median, indicating a lower valuation compared to other streets in the area.

• Esther Nagar: Rs 400 per sq.ft (2024)
• Fine Star Nagar: Rs 550 per sq.ft (2024)
• Durgai Amman Nagar: Rs 550 per sq.ft (2024)
• Ganapathy Nagar: Rs 400 per sq.ft (2024)
• Gokul Nagar: Rs 600 per sq.ft (2024)
• Green Avenue: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Empire Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total guideline value amounts to Rs 4,00,000. The stamp duty at 7% would be Rs 28,000, and the registration fee at 2% would be Rs 8,000, bringing the total to Rs 36,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Empire Avenue?

The Sub Registrar Office covering Empire Avenue is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during property registration in Salamangalam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value as per government regulations.

When buying or selling property, the guideline value directly affects the stamp duty and registration fees that need to be paid. Buyers should be aware of the guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Empire Avenue?

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

How has the guideline value changed over the years?

The guideline value has remained at Rs 400 per sq.ft from 2012 to 2024, with a significant drop to Rs 268 per sq.ft in 2017, followed by a return to Rs 400 per sq.ft in 2023.

What is the land classification for Empire Avenue?

Empire Avenue is classified as Residential Class I Type - I, indicating its designation for residential development.

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

For a property valued at Rs 4,00,000, the stamp duty is Rs 28,000 and the registration fee is Rs 8,000, totaling Rs 36,000. This is calculated based on the guideline value.

Where can I find the Sub Registrar Office for Empire Avenue?

The Sub Registrar Office for Empire Avenue is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find more details online.