Guideline Value for KESAVA AVENUE

Kesava Avenue guideline value

The current guideline value of Kesava Avenue, located in Korattur village under the Villivakkam SRO, is Rs 2,100 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

How the guideline value of Kesava Avenue has changed

Kesava Avenue has seen several revisions in its guideline value over the years. The earliest recorded revision in 2007 set the value at Rs 375 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking a rise of 433%. However, in 2017, the value dropped to Rs 1,340 per sq.ft, a decrease of 33%. The value then rose again to Rs 2,000 per sq.ft in 2023, and subsequently increased by 5% to the current value of Rs 2,100 per sq.ft in 2024.

There are no recorded figures for the years 2002 and 2003 for Kesava Avenue. Overall, from 2007 to 2024, the guideline value has increased by 460%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values for 2024 ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing Kesava Avenue's current value below this median.

• KAVIYA NAGAR 3rd STREET: Rs 1,600 per sq.ft (2024)
• KAVIYA NAGAR 2nd STREET: Rs 1,600 per sq.ft (2024)
• KAVIYA NAGAR 1st STREET: Rs 1,600 per sq.ft (2024)
• Kaviya Nagar: Rs 1,600 per sq.ft (2024)
• Kattabomman Street (Kallikuppam): Rs 1,100 per sq.ft (2024)
• Kasthuri Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Kesava Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,100 per sq.ft, the total guideline value would be Rs 21,00,000. The stamp duty at 7% would amount to Rs 1,47,000, and the registration fee at 2% would be Rs 42,000, bringing the total to Rs 1,89,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Kesava Avenue?

The Sub Registrar Office that covers Kesava Avenue is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Korattur, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

During the registration process, the buyer must pay stamp duty and registration fees calculated 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 Kesava Avenue?

The current guideline value of Kesava Avenue is Rs 2,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 375 per sq.ft in 2007 to Rs 2,100 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for Kesava Avenue?

Kesava Avenue is classified as Residential Class III Type - I, which influences its guideline value and usage.

What is the median guideline value in Korattur?

The median guideline value for streets in Korattur is Rs 2,500 per sq.ft, which is higher than the current value of Kesava Avenue.

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

The Villivakkam Sub Registrar Office, which covers Kesava Avenue, is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.