Guideline Value for FORTTS AVENUE

Fortts Avenue guideline value

The current guideline value for Fortts Avenue in Okkiyamthuraipakkam village under the Neelankarai SRO is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Fortts Avenue has changed

The guideline value for Fortts Avenue has undergone several revisions over the years. In 2012, the value was set at Rs 4,000 per sq.ft. This figure decreased to Rs 2,680 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 4,000 per sq.ft, which is a rise of 49%. The latest revision in 2024 shows a further increase to Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year.

There are no recorded figures for the years 2002, 2003, and 2007 for Fortts Avenue in the register. The overall change from 2012 to 2024 indicates a modest increase of 10% in the guideline value.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Fortts Avenue's 2024 guideline value above this median.

• Foundry Road: Rs 6,100 per sq.ft (2024)
• Gandhi Street: Rs 1,700 per sq.ft (2024)
• Ellaiamman Nagar: Rs 1,100 per sq.ft (2024)
• Elim Nagar (Near Omr): Rs 4,400 per sq.ft (2024)
• Ganesh Nagar: Rs 2,200 per sq.ft (2024)
• Ganesh Nagar 1 St Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Fortts Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to 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 or the sale price.

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

Which Sub Registrar Office covers Fortts Avenue?

The Sub Registrar Office that covers Fortts Avenue is 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 details.

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

The guideline value is a critical component in the property registration process in Okkiyamthuraipakkam. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that these costs are based on an official valuation.

It is essential for buyers and sellers to be aware of the guideline value as it influences the overall cost of transactions. Accurate knowledge of this value can help in financial planning and understanding the obligations during the registration process.

Frequently asked questions

What is the current guideline value for Fortts Avenue?

The current guideline value for Fortts Avenue is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024.

What is the land classification for Fortts Avenue?

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

What is the stamp duty rate for properties in Fortts Avenue?

The stamp duty rate for properties in Fortts Avenue is 7% of the guideline value or the sale price, whichever is higher.

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

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