Guideline Value for JUSTIC AVENUE

Justic Avenue guideline value

The current guideline value of Justic Avenue is Rs 11,000 per sq.ft, effective from 1 July 2024. This street is located in Thiruvanmiyur village, under the Chennai South Joint I SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Justic Avenue has changed

The guideline value for Justic Avenue has seen several revisions over the years. The most recent revision in 2024 set the guideline value at Rs 11,000 per sq.ft, which is an increase of 10% from the 2023 figure of Rs 10,000 per sq.ft. Prior to that, the 2017 revision recorded a value of Rs 6,700 per sq.ft, reflecting a significant increase of 49% when compared to the 2023 value. The 2012 revision had set the value at Rs 10,000 per sq.ft, which was a decrease of 33% from the 2017 figure.

It is important to note that there are no recorded figures for Justic Avenue in the years 2002, 2003, and 2007. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median value for these streets is Rs 9,900 per sq.ft, placing Justic Avenue's 2024 figure above this median.

• Justic Ramanujam Street: Rs 9,900 per sq.ft (2024)
• Journalist Colony: Rs 9,900 per sq.ft (2024)
• Kalaignar Karunanidhi Street: Rs 7,150 per sq.ft (2024)
• Jeevanantham Street: Rs 7,150 per sq.ft (2024)
• Kalakshetra Avenue: Rs 11,000 per sq.ft (2024)
• Kalasethra Colony: Rs 12,660 per sq.ft (2024)

Stamp duty and registration fee for property in Justic Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 11,000 per sq.ft, the total guideline value amounts to Rs 1,10,00,000. The stamp duty at 7% would be Rs 7,70,000, and the registration fee at 2% would be Rs 2,20,000, making the total cost for these fees Rs 9,90,000. It is important to note that 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 Justic Avenue?

The Sub Registrar Office that covers Justic 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 a crucial factor during the registration process of property transactions in Thiruvanmiyur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that both buyers and sellers are aware of the official valuation of the property.

When buying or selling property, the guideline value helps in providing transparency and consistency in property transactions. It is essential for buyers to be informed about the guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Justic Avenue?

The current guideline value of Justic Avenue is Rs 11,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 10,000 per sq.ft in 2023 to Rs 11,000 per sq.ft in 2024. It was Rs 6,700 per sq.ft in 2017 and Rs 10,000 per sq.ft in 2012, showing significant changes over the years.

What is the land classification for Justic Avenue?

The land classification for Justic Avenue is Residential Special Type - II, which indicates its designated use for residential purposes.

Where can I find the Sub Registrar Office for Justic Avenue?

The Sub Registrar Office covering Justic Avenue is 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 property in Justic Avenue?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For a property valued at Rs 1,10,00,000, the stamp duty would be Rs 7,70,000, along with a registration fee of Rs 2,20,000.