Guideline Value for KEP AVENUE

Kep Avenue guideline value

The current guideline value of Kep Avenue, located in Okkiyamthuraipakkam village, is Rs 5,000 per sq.ft, effective from 1 July 2024. This street falls under the Neelankarai SRO and is classified as Residential Special Type - IV.

How the guideline value of Kep Avenue has changed

The guideline value for Kep Avenue has undergone several revisions over the years. In 2012, the value was set at Rs 4,500 per sq.ft, which decreased to Rs 3,015 per sq.ft in 2017. This was a decline of 33%. However, the value saw a significant increase to Rs 4,500 per sq.ft in 2023, followed by another increase to Rs 5,000 per sq.ft in 2024, marking an 11% rise from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 11%, culminating in the current value of Rs 5,000 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with 2024 guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 3,300 per sq.ft, indicating that Kep Avenue's 2024 figure is above this median.

• KOKILAMBAL 1st NAGAR: Rs 1,700 per sq.ft (2024)
• KOKILAMBAL 2nd NAGAR: Rs 1,700 per sq.ft (2024)
• KOKILAMBAL 3rd NAGAR: Rs 1,700 per sq.ft (2024)
• KOKILAMBAL 4th NAGAR: Rs 1,700 per sq.ft (2024)
• KOKILAMBAL 5th NAGAR: Rs 1,700 per sq.ft (2024)
• KOKILAMBAL 6th NAGAR: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Kep Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value amounts to Rs 50,00,000. The stamp duty is charged at 7%, which totals Rs 3,50,000, and the registration fee is 2%, amounting to Rs 1,00,000. Together, the total cost for stamp duty and registration fee comes to Rs 4,50,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kep Avenue?

The Sub Registrar Office that covers Kep Avenue is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Okkiyamthuraipakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the necessary duties and fees. This ensures that the government receives appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Kep Avenue?

The current guideline value of Kep Avenue is Rs 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,500 per sq.ft in 2012 to Rs 3,015 per sq.ft in 2017, then increased to Rs 4,500 per sq.ft in 2023, and finally to Rs 5,000 per sq.ft in 2024.

What is the land classification for Kep Avenue?

Kep Avenue is classified as Residential Special Type - IV under the Neelankarai SRO.

What are the stamp duty rates for properties in this area?

The stamp duty for properties in this area is charged at 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.