Guideline Value for INDRA NAGAR 2ND AVENUE

Indra Nagar 2nd Avenue guideline value

The current guideline value of Indra Nagar 2nd Avenue is Rs 12,660 per sq.ft, effective from 1 July 2024. This street is located in Thiruvanmiyur village and falls under the Chennai South Joint I SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of Indra Nagar 2nd Avenue has changed

Since the register's first recorded revision in 2002, the guideline value for Indra Nagar 2nd Avenue has seen significant changes. The value started at Rs 1,118 per sq.ft in 2002 and increased to Rs 1,237 per sq.ft in 2003, marking an increase of 11%. The value then rose to Rs 1,800 per sq.ft in 2007, a substantial increase of 46%. Following this, the value jumped dramatically to Rs 11,500 per sq.ft in 2012, reflecting a 539% increase. However, it decreased to Rs 7,705 per sq.ft in 2017, showing a decline of 33%. The value increased again to Rs 11,500 per sq.ft in 2023, and finally, it rose to Rs 12,660 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,032%. The register has no figures for the years between 2017 and 2023 for this street.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median guideline value for these streets is Rs 9,900 per sq.ft, placing Indra Nagar 2nd Avenue's 2024 figure above that median.

• Indra Nagar 29th Cross Street: Rs 8,250 per sq.ft (2024)
• Indra Nagar 28th Cross Street: Rs 8,250 per sq.ft (2024)
• Indra Nagar 2nd Main Road: Rs 12,660 per sq.ft (2024)
• Indra Nagar 25th Cross Street: Rs 8,250 per sq.ft (2024)
• Indra Nagar 24th Cross Street: Rs 8,250 per sq.ft (2024)
• Indra Nagar 23rd Cross Street: Rs 8,250 per sq.ft (2024)

Stamp duty and registration fee for property in Indra Nagar 2nd Avenue

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 1,26,60,000. The stamp duty at 7% would be Rs 8,86,200, and the registration fee at 2% would be Rs 2,53,200, totaling Rs 11,39,400. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Indra Nagar 2nd Avenue?

The Sub Registrar Office that covers Indra Nagar 2nd Avenue is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is crucial during property transactions in Thiruvanmiyur, as it determines the minimum value at which properties can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on the higher of the guideline value or the sale price.

When a property is sold, the buyer must pay the applicable stamp duty and registration fees based on the guideline value, which helps ensure that the transaction is documented accurately and legally. This process is essential for maintaining transparency and compliance within the real estate market.

Frequently asked questions

What is the current guideline value of Indra Nagar 2nd Avenue?

The current guideline value of Indra Nagar 2nd Avenue is Rs 12,660 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased significantly, from Rs 1,118 per sq.ft to Rs 12,660 per sq.ft in 2024, marking an overall increase of 1,032%.

What is the registration office for Indra Nagar 2nd Avenue?

The registration office for Indra Nagar 2nd Avenue is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in Indra Nagar 2nd Avenue?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is also applicable.

What are the guideline values of other streets in Thiruvanmiyur?

Other streets in Thiruvanmiyur have varying guideline values, with rates for Indra Nagar 29th Cross Street, Indra Nagar 28th Cross Street, Indra Nagar 2nd Main Road, Indra Nagar 25th Cross Street, Indra Nagar 24th Cross Street, and Indra Nagar 23rd Cross Street all listed in the article.