Guideline Value for M.R.V. Avenue

M.R.V. Avenue guideline value

The current guideline value of M.R.V. Avenue, located in Kattupakkam village under the Kunrathur SRO, is Rs 1,980 per sq.ft as per the 2024 revision effective from 1 July 2024. This area is classified as Residential Class I Type - II.

How the guideline value of M.R.V. Avenue has changed

The guideline value for M.R.V. Avenue has seen significant changes over the years. In the 2003 revision, the value was Rs 90 per sq.ft, which increased to Rs 250 per sq.ft in 2007. The value then rose dramatically to Rs 1,800 per sq.ft in 2012, marking an increase of 620%. However, it decreased to Rs 1,206 per sq.ft in 2017, a drop of 33%. The 2023 revision saw another increase to Rs 1,800 per sq.ft, followed by the current value of Rs 1,980 per sq.ft in 2024, reflecting a 10% increase.

Overall, from 2003 to 2024, the guideline value has increased by 2100%. The register has no figure for the year 2002 for this street.

Guideline values in Kattupakkam

In Kattupakkam, there are 75 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,980 to Rs 4,290 per sq.ft, with a median value of Rs 2,090 per sq.ft. M.R.V. Avenue's current guideline value is below this median.

• M.S. Nagar: Rs 2,090 per sq.ft (2024)
• M.S.R. Nagar: Rs 2,090 per sq.ft (2024)
• M.S.S. Nagar: Rs 3,520 per sq.ft (2024)
• Mount - Poonamallee trunk Road: Rs 4,290 per sq.ft (2024)
• Moogambigai Nagar: Rs 2,090 per sq.ft (2024)
• Murugan koil Street: Rs 3,520 per sq.ft (2024)

Stamp duty and registration fee for property in M.R.V. Avenue

For a 1,000 sq.ft plot at the current rate of Rs 1,980 per sq.ft, the guideline value amounts to Rs 19,80,000. The stamp duty at 7% would be Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, totaling Rs 1,78,200. It is important to note that duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.R.V. Avenue?

The Sub Registrar Office that covers M.R.V. Avenue is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kattupakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating the sale price, as the registration fees and stamp duty are calculated based on the higher of the guideline value or the agreed sale price.

When a property is sold, the guideline value ensures that the transaction is transparent and fair in terms of taxation. It is essential for both parties to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of M.R.V. Avenue?

The current guideline value of M.R.V. Avenue is Rs 1,980 per sq.ft as per the 2024 revision effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 90 per sq.ft in 2003 to Rs 1,980 per sq.ft in 2024, marking an overall increase of 2100% over the years.

What is the median guideline value in Kattupakkam?

The median guideline value in Kattupakkam for 2024 is Rs 2,090 per sq.ft, while M.R.V. Avenue's current value is below this median.

What are the stamp duty and registration fees for properties in M.R.V. Avenue?

For a property valued at Rs 19,80,000, the stamp duty would be Rs 1,38,600 and the registration fee would be Rs 39,600, totaling Rs 1,78,200.

Which office handles property registrations for M.R.V. Avenue?

The Kunrathur Sub Registrar Office handles property registrations for M.R.V. Avenue, located at No.59, Road Street, Kundrathur, Chennai -600 069.