Guideline Value for N.R.N.AVENUE

N.R.N.Avenue guideline value

The current guideline value of N.R.N.Avenue is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Villivakkam village, under the Villivakkam SRO, and is classified as Residential Class IV Type - II.

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

The guideline value for N.R.N.Avenue has undergone several revisions over the years. In 2007, the value was Rs 950 per sq.ft, which increased significantly to Rs 3,000 per sq.ft by 2012. However, the value then saw a decrease to Rs 2,010 per sq.ft in 2017. The most recent revisions show an increase to Rs 3,000 per sq.ft in 2023, followed by a further rise to Rs 3,300 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 247%. The register does not provide figures for the years 2002 and 2003 for this street.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, indicating that N.R.N.Avenue's current rate is below this median.

• N.R.N.Colony: Rs 3,300 per sq.ft (2024)
• N.R.N.Colony 1st Lane: Rs 3,300 per sq.ft (2024)
• N.R.N.Colony 2nd Lane: Rs 3,300 per sq.ft (2024)
• N.R.N.Colony Main Road: Rs 3,300 per sq.ft (2024)
• North Main Road: Rs 12,100 per sq.ft (2024)
• New Avadi Road: Rs 4,400 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, these fees would total Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers N.R.N.Avenue?

The Sub Registrar Office that covers N.R.N.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 details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Villivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the state government receives appropriate stamp duty and registration fees based on the property's value.

When a property is sold, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring compliance with local regulations.

Frequently asked questions

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

The current guideline value of N.R.N.Avenue is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 950 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 247% over the years.

What is the land classification of N.R.N.Avenue?

N.R.N.Avenue is classified as Residential Class IV Type - II.

Where is the Villivakkam Sub Registrar Office located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value would incur a total fee of Rs 2,97,000.