Guideline Value for Modern Avenue

Modern Avenue guideline value

The current guideline value of Modern Avenue is Rs 600 per sq.ft. It is located in Karasangal village, under the Sriperumpudur SRO, and classified as Residential Special Type - II.

How the guideline value of Modern Avenue has changed

The guideline value for Modern Avenue has seen several revisions over the years. In the 2012 revision, the value was set at Rs 600 per sq.ft. This remained unchanged in the 2017 revision, where it also stood at Rs 600 per sq.ft. However, the 2017 figure represented a decrease of 33% from the previous revision in 2012, which had a guideline value of Rs 600 per sq.ft. The 2023 revision also maintained the guideline value at Rs 600 per sq.ft, showing no change from the previous year. The latest revision in 2024 also holds the value at Rs 600 per sq.ft, indicating a consistent value over the past two years.

Between the revisions, the most notable change occurred from 2017 to 2023, where the guideline value increased by 49%. Overall, from 2012 to 2024, the guideline value has remained unchanged at Rs 600 per sq.ft.

Guideline values in Karasangal

In Karasangal, there are 59 streets under the Sriperumpudur SRO with a 2024 guideline value ranging from Rs 100 to Rs 3,550 per sq.ft. The median guideline value for these streets is Rs 402 per sq.ft, placing Modern Avenue's 2024 value above the median.

• M.G.R. Street: Rs 402 per sq.ft (2024)
• Nallatchi Amman Extension: Rs 250 per sq.ft (2024)
• Nallatchi Amman Nagar: Rs 250 per sq.ft (2024)
• Nanbargal Avenue: Rs 600 per sq.ft (2024)
• Nanbargal Avenue Extension: Rs 600 per sq.ft (2024)
• Nanbargal Nagar: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Modern Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 600 per sq.ft, the total guideline value would be Rs 6,00,000. The stamp duty, charged at 7%, would amount to Rs 42,000, and the registration fee, at 2%, would be Rs 12,000. Together, the total fees would be Rs 54,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Modern Avenue?

The Sub Registrar Office covering Modern Avenue is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Karasangal. It serves as the basis for calculating the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the buyer must pay the stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately and legally, providing a clear record of ownership.

Frequently asked questions

What is the current guideline value of Modern Avenue?

The current guideline value of Modern Avenue is Rs 600 per sq.ft, effective from July 1, 2024.

How has the guideline value changed over the years?

The guideline value for Modern Avenue has remained at Rs 600 per sq.ft since 2012, with no change from 2023 to 2024. The most significant change occurred between the 2017 and 2023 revisions, where it increased by 49%.

What is the land classification for Modern Avenue?

Modern Avenue is classified as Residential Special Type - II, indicating its designated use for residential purposes.

Where is the Sriperumpudur Sub Registrar Office located?

The Sriperumpudur Sub Registrar Office is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value, and the registration fee is charged at 2%. These fees are based on the higher of the guideline value or the sale price of the property.