Guideline Value for George Avenue

George Avenue guideline value

The current guideline value of George Avenue is Rs 2,900 per sq.ft, effective from 1 July 2024. This street is located in Selaiyur village, under the Selaiyur SRO, and is classified as Residential Special Type - I.

How the guideline value of George Avenue has changed

In the 2007 revision, the guideline value was set at Rs 600 per sq.ft. This figure saw a significant increase in the 2012 revision, where it rose to Rs 2,700 per sq.ft, marking a growth of 350%. However, in the 2017 revision, the rate decreased to Rs 1,809 per sq.ft, a drop of 33%. The value then increased to Rs 2,700 per sq.ft in the 2023 revision, reflecting a rise of 49%. The latest revision in 2024 has further increased the guideline value to Rs 2,900 per sq.ft, which is a 7% increase from the previous year.

The register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 383%.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 6,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of George Avenue is above this median.

• Ganesh Nagar Silapathikaram Street: Rs 2,900 per sq.ft (2024)
• Ganesh Nagar Main Road: Rs 2,900 per sq.ft (2024)
• Ganesh Nagar 4th Street: Rs 2,900 per sq.ft (2024)
• Ganesh Nagar 3rd Street: Rs 2,900 per sq.ft (2024)
• Ganesh Nagar 2nd Street: Rs 2,900 per sq.ft (2024)
• Ganesh Nagar 1st Street: Rs 2,900 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 2,900 per sq.ft, the total guideline value amounts to Rs 29,00,000. The stamp duty at 7% would be Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, resulting in a total of Rs 2,61,000. 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 further assistance.

Which Sub Registrar Office covers George Avenue?

The Sub Registrar Office that covers George Avenue is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Selaiyur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value is referenced to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of George Avenue?

The current guideline value of George Avenue is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 600 per sq.ft in 2007 to Rs 2,900 per sq.ft in 2024, reflecting an overall increase of 383%.

What is the land classification of George Avenue?

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

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

For a property valued at Rs 29,00,000, the stamp duty would be Rs 2,03,000, and the registration fee would be Rs 58,000, totaling Rs 2,61,000.

Where is the Sub Registrar Office for George Avenue located?

The Sub Registrar Office for George Avenue is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.