Guideline Value for OFFICERS AVENUE

Officers Avenue guideline value

The current guideline value of Officers Avenue is Rs 2,900 per sq.ft, effective from 1 July 2024. This street is located in Korattur village and falls under the Villivakkam SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Officers Avenue has changed

Looking at the historical revisions, the guideline value for Officers Avenue has seen significant changes over the years. In 2007, the guideline value was Rs 250 per sq.ft. This figure increased dramatically to Rs 2,700 per sq.ft in 2012, marking a rise of 980%. However, the value then decreased to Rs 1,809 per sq.ft in 2017, which was a decline of 33%. The subsequent revision in 2023 set the guideline value at Rs 2,700 per sq.ft, followed by the current value of Rs 2,900 per sq.ft in 2024, reflecting a 7% increase.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 1060%, demonstrating substantial growth in the value of land in this area.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a guideline value for 2024, ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value in this village is Rs 2,500 per sq.ft, making the current value of Officers Avenue above this median.

• Old Post Office Road (New Colony): Rs 2,100 per sq.ft (2024)
• Olympic Nagar: Rs 1,600 per sq.ft (2024)
• Om Sakthi Nagar: Rs 1,600 per sq.ft (2024)
• Om Sakthi Nagar (Near Pdr Nagar): Rs 2,700 per sq.ft (2024)
• North Railway Station Road Chennai - 76: Rs 3,800 per sq.ft (2024)
• Oragadam Co-Op. Housing Colony: Rs 2,100 per sq.ft (2024)

Stamp duty and registration fee for property in Officers Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,900 per sq.ft, the total guideline value would be Rs 29,00,000. The stamp duty, charged at 7%, would amount to Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, bringing the total to Rs 2,61,000. It is important to note that the 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 Officers Avenue?

The Sub Registrar Office that covers Officers 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 Korattur

The guideline value is a crucial factor in the registration process when buying or selling property in Korattur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is considered to ensure that the fees are calculated accurately. Buyers and sellers must be aware of these values to understand the financial implications of their real estate transactions.

Frequently asked questions

What is the current guideline value of Officers Avenue?

The current guideline value of Officers Avenue is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 250 per sq.ft in 2007 to Rs 2,900 per sq.ft in 2024, marking an overall increase of 1060%.

What is the land classification for Officers Avenue?

Officers Avenue is classified as Residential Class II Type - II, indicating its suitability for residential development.

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

The Sub Registrar Office for Officers Avenue is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 2,03,000.