Guideline Value for George Avenue

George Avenue guideline value

The current guideline value of George Avenue, located in Mylapore Part 1 village, is Rs 17,500 per sq.ft, effective from 1 July 2024. This street falls under the Chennai Central Joint I SRO and is classified as Residential Special Type - III.

How the guideline value of George Avenue has changed

In the 2023 revision, the guideline value for George Avenue was Rs 16,000 per sq.ft. This marked an increase of 9% to the current value of Rs 17,500 per sq.ft in the 2024 revision. The register has no figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

The changes from the previous revisions indicate a consistent upward trend, with the 2023 to 2024 increase being the only recorded change in recent years. The absence of figures for earlier years means that the guideline value has not been documented for those revisions.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing George Avenue's 2024 figure significantly above this median.

• G.N.Chetty Street: Rs 13,200 per sq.ft (2024)
• Ganesh Street: Rs 8,700 per sq.ft (2024)
• Gopalapuram 1st Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 2nd Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 3rd Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 4th Street: Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in George Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 17,500 per sq.ft, the total guideline value would be Rs 1,75,00,000. The stamp duty at 7% would amount to Rs 12,25,000, and the registration fee at 2% would be Rs 3,50,000, bringing the total fees to Rs 15,75,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers George Avenue?

The Sub Registrar Office that covers George Avenue is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value plays a crucial role during the registration process of property transactions in Mylapore Part 1. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is compared against the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of George Avenue?

The current guideline value of George Avenue is Rs 17,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 16,000 per sq.ft in 2023 to Rs 17,500 per sq.ft in 2024, representing a 9% increase. There are no recorded figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

What is the land classification for George Avenue?

George Avenue is classified as Residential Special Type - III under the Chennai Central Joint I SRO.

What are the stamp duty and registration fees for property in George Avenue?

For a property valued at Rs 1,75,00,000, the stamp duty would be Rs 12,25,000 and the registration fee would be Rs 3,50,000, totaling Rs 15,75,000. These fees are calculated based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for George Avenue located?

The Sub Registrar Office for George Avenue is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. This office falls under the Chennai Central Joint I SRO.