Guideline Value for J K AVENUE

J K Avenue guideline value

The current guideline value of J K Avenue in Medavakkam village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Commercial Class I Type - III.

How the guideline value of J K Avenue has changed

The guideline value for J K Avenue has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 2,500 per sq.ft. This figure saw a significant decrease in the 2017 revision, dropping to Rs 1,675 per sq.ft, a change of -33%. However, there was a notable increase in the 2023 revision, where the value rose to Rs 2,500 per sq.ft, and further increased to Rs 2,750 per sq.ft in the 2024 revision, marking a 10% rise.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register has no figure for J K Avenue for the years 2002, 2003, and 2007.

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, with a median value of Rs 2,200 per sq.ft. J K Avenue's current guideline value of Rs 2,750 per sq.ft is above this median.

• Jayaprakash Narayanan Street: Rs 1,870 per sq.ft (2024)
• Jaya Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Kakkan Street: Rs 1,870 per sq.ft (2024)
• Jaya Nagar: Rs 2,200 per sq.ft (2024)
• Kalaingar Nagar: Rs 1,870 per sq.ft (2024)
• Kalkuttai Water Tank Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in J K 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, making the total cost for these charges Rs 2,47,500. It is important to note that the 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 J K Avenue?

The Sub Registrar Office that covers J K 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 details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the sale price or the guideline value, whichever is higher, is used to determine the applicable fees. This ensures that the transaction is recorded accurately and in compliance with legal requirements.

Frequently asked questions

What is the current guideline value of J K Avenue?

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

How has the guideline value of J K Avenue 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 back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification of J K Avenue?

J K Avenue is classified as Commercial Class I Type - III.

Where can I find the Sub Registrar Office for J K Avenue?

The Sub Registrar Office for J K 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 J K Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,92,500.