Guideline Value for Hill Road Avenue

Hill Road Avenue guideline value

The current guideline value of Hill Road Avenue in Varadarajapuram village, under the Padappai SRO, is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Hill Road Avenue has changed

The guideline value for Hill Road Avenue has seen several revisions over the years. In 2007, the value was set at Rs 120 per sq.ft, which increased significantly to Rs 1,000 per sq.ft in 2012, marking a rise of 733%. However, from 2012 to 2017, the value decreased to Rs 670 per sq.ft, a drop of 33%. The value then rose again to Rs 1,000 per sq.ft in 2023, and currently stands at Rs 1,100 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 817%.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO with a 2024 guideline value ranging from Rs 880 to Rs 4,100 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing Hill Road Avenue's 2024 figure below that median.

• Hidhyath Nagar: Rs 1,650 per sq.ft (2024)
• Hitech City Phase I and II: Rs 1,650 per sq.ft (2024)
• Gurupatham Nagar: Rs 1,100 per sq.ft (2024)
• Guru Ganesh Avenue Phase -III: Rs 3,700 per sq.ft (2024)
• Guru Ganesh Avenue Phase -II: Rs 2,750 per sq.ft (2024)
• GR Nagar Extn 1 to 6: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Hill Road Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total fees to Rs 99,000. It is important to note that 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 Hill Road Avenue?

The Sub Registrar Office that covers Hill Road Avenue is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Varadarajapuram. It determines the minimum value at which a property can be registered, ensuring that the transaction is documented accurately according to government regulations.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees. These fees are essential for the legal transfer of property ownership and are based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Hill Road Avenue?

The current guideline value of Hill Road Avenue is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 120 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, which represents an overall increase of 817%.

What is the land classification for Hill Road Avenue?

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

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

For a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 and the registration fee would be Rs 22,000, totaling Rs 99,000.

Which office handles property registrations in this area?

The Padappai Sub Registrar Office handles property registrations for Hill Road Avenue, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.