Guideline Value for Indrajit Avenue

Indrajit Avenue guideline value

The current guideline value of Indrajit Avenue is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Kovilambakkam village under the Pallavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Indrajit Avenue has changed

The guideline value for Indrajit Avenue has undergone several revisions over the years. In 2003, the guideline value was Rs 459 per sq.ft, which increased to Rs 500 per sq.ft in 2007. The value saw a substantial jump to Rs 2,500 per sq.ft in 2012, before decreasing to Rs 1,675 per sq.ft in 2017. The 2023 revision set the value at Rs 2,500 per sq.ft, which was then increased to Rs 2,750 per sq.ft in 2024, marking a 10% rise from the previous year. The register has no figure for the year 2002 for this street.

From 2017 to 2023, the guideline value increased by 49%. The 2012 to 2017 period saw a decrease of 33%, while there was a remarkable increase of 400% from 2007 to 2012. The increase from 2003 to 2007 was 9%. Overall, from 2003 to 2024, the guideline value has increased by 499%.

Guideline values in Kovilambakkam

Kovilambakkam has 61 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 5,610 per sq.ft, with the median value being Rs 2,750 per sq.ft. Indrajit Avenue's 2024 guideline value is equal to this median.

• Kalaignar Salai: Rs 2,200 per sq.ft (2024)
• Kalaingar Salai 1 To 4 Streets: Rs 2,160 per sq.ft (2024)
• Kamarajar Salai 2 And 3rd Street: Rs 2,160 per sq.ft (2024)
• Kamaraj Street: Rs 2,200 per sq.ft (2024)
• Gandhi Street: Rs 2,160 per sq.ft (2024)
• Gandhi Nagar: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Indrajit Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Indrajit Avenue?

The Sub Registrar Office that covers Indrajit Avenue is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a key factor in the registration process when buying or selling property in Kovilambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair price.

When registering a property, buyers must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Indrajit Avenue?

The current guideline value of Indrajit Avenue 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 significantly from Rs 459 per sq.ft in 2003 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 499% over this period.

What is the land classification for Indrajit Avenue?

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

What are the other streets in Kovilambakkam with their guideline values?

Other streets in Kovilambakkam include Kalaignar Salai at Rs 2,200 per sq.ft, Kalaingar Salai 1 To 4 Streets at Rs 2,160 per sq.ft, and Kamarajar Salai 2 And 3rd Street at Rs 2,160 per sq.ft, among others.

Where is the Sub Registrar Office located for Indrajit Avenue?

The Sub Registrar Office for Indrajit Avenue is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.