Guideline Value for Jeeva Avenue

Jeeva Avenue guideline value

The current guideline value of Jeeva Avenue, located in Madipakkam-1 village under the Velacheri SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Jeeva Avenue has changed

The guideline value for Jeeva Avenue has seen significant changes over the years. In the 2017 revision, the value was Rs 2,345 per sq.ft. This increased to Rs 3,500 per sq.ft in 2023, marking a 49% rise. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, reflecting a further increase of 10% from the previous year.

Overall, from the 2017 revision to the 2024 revision, there has been a total increase of 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for this area is Rs 2,750 per sq.ft, placing Jeeva Avenue's 2024 figure above that median.

• Jeeva Avenue 7th Street/Periyar Nagar-2: Rs 3,850 per sq.ft (2024)
• Jeeva Avenue Extension/Periyar Nagar 7th Street: Rs 3,850 per sq.ft (2024)
• Jeeva Nagar: Rs 3,850 per sq.ft (2024)
• Jeeva Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Jeeva Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Jeeva Nagar 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Jeeva Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. 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 Jeeva Avenue?

The Sub Registrar Office that covers Jeeva Avenue is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is used to ensure that the sale price is in line with the market standards set by the registration department. This helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Jeeva Avenue?

The current guideline value of Jeeva Avenue is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased from Rs 2,345 per sq.ft to Rs 3,850 per sq.ft, which is a total increase of 64% over the years.

What are the stamp duty rates for property in Jeeva Avenue?

The stamp duty for property in Jeeva Avenue is charged at a rate of 7% on the guideline value or the sale price, whichever is higher.

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

The Sub Registrar Office for Jeeva Avenue is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft, with Jeeva Avenue's current value above this median.