Guideline Value for ISWARIYA AVENUE / GARDEN

Iswariya Avenue / Garden guideline value

The current guideline value of Iswariya Avenue / Garden is Rs 2,750 per sq.ft, effective from 1 July 2024. This property is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Commercial Class I Type - III.

How the guideline value of Iswariya Avenue / Garden has changed

The guideline value for Iswariya Avenue / Garden has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then decreased to Rs 1,675 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%, while the change from 2012 to 2017 saw a decrease of 33%. Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Iswariya Avenue / Garden above this median.

• Isha Homes: Rs 2,750 per sq.ft (2024)
• Iyyappa Nagar: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar Cross Street: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar Extn: Rs 2,200 per sq.ft (2024)
• Indra Street/Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Iswariya Avenue / Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Iswariya Avenue / Garden?

The Sub Registrar Office that covers Iswariya Avenue / Garden 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 Medavakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Medavakkam. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the guideline value helps in assessing the appropriate taxes due. Buyers and sellers must be aware of this value to understand their financial obligations during the transaction process.

Frequently asked questions

What is the current guideline value of Iswariya Avenue / Garden?

The current guideline value of Iswariya Avenue / Garden is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What are the stamp duty and registration fees for Iswariya Avenue / Garden?

For a 1,000 sq.ft plot, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles property registrations for Iswariya Avenue / Garden?

The Chennai South Joint I Sub Registrar Office handles property registrations for Iswariya Avenue / Garden, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum value for calculating stamp duty and registration fees during property transactions. It ensures that the transaction is recorded accurately in the official register.