Guideline Value for L.R. AVENUE

L.R. Avenue guideline value

The current guideline value of L.R. Avenue in Medavakkam village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of L.R. Avenue has changed

The guideline value for L.R. Avenue has seen significant changes over the years. In 2002, the value was Rs 56 per sq.ft. This figure remained unchanged until 2003. By 2007, the value increased dramatically to Rs 300 per sq.ft, marking a 436% rise. The 2012 revision saw the value increase to Rs 2,000 per sq.ft, a 567% increase from the previous figure. However, there was a decrease to Rs 1,340 per sq.ft in 2017, representing a decline of 33%.

From 2017 to 2023, the guideline value rose to Rs 2,000 per sq.ft, which was a 49% increase. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 3,829%.

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. The median value is Rs 2,200 per sq.ft, which is equal to the current guideline value of L.R. Avenue. Below are other streets in Medavakkam:

• Madurai Veeran Koil Street: Rs 1,870 per sq.ft (2024)
• Maduraiveeran Koil Street Annex: Rs 1,870 per sq.ft (2024)
• Madura Ranganathapuram: Rs 2,200 per sq.ft (2024)
• Madura Vadakku Pattu: Rs 2,750 per sq.ft (2024)
• Magastic Phase I: Rs 2,750 per sq.ft (2024)
• Lakshmi Appadurai St Somu Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in L.R. Avenue

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers L.R. Avenue?

The Sub Registrar Office that covers L.R. 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 further assistance.

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

The guideline value plays a crucial role during the registration process of property transactions in Medavakkam. It is used to determine the stamp duty and registration fees that must be paid when a property is sold or purchased.

When registering a property, the buyer is required to pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of L.R. Avenue?

The current guideline value of L.R. Avenue is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value of L.R. Avenue changed over the years?

The guideline value has changed from Rs 56 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 3,829% over the years.

What is the land classification for L.R. Avenue?

L.R. Avenue is classified as Residential Class I Type - I under the Chennai South Joint I SRO.

Where can I find the Sub Registrar Office for L.R. Avenue?

The Sub Registrar Office for L.R. 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 stamp duty calculated for properties in L.R. Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.