Guideline Value for OLIVE AVENUE

Olive Avenue guideline value

The current guideline value of Olive Avenue is Rs 400 per sq.ft, effective from 1 July 2024. This street is located in Palur-A village under the Chengleput Joint II SRO, classified as Residential Special Type - I.

How the guideline value of Olive Avenue has changed

The guideline value for Olive Avenue has seen several revisions over the years. In the 2017 revision, the value was set at Rs 268 per sq.ft. This figure remained unchanged in the subsequent 2023 revision, which also recorded a value of Rs 400 per sq.ft. The 2024 revision maintained this value at Rs 400 per sq.ft, indicating no percentage change from the previous year.

From the 2017 to 2023 revision, there was a significant increase of 49%. Overall, from 2017 to 2024, the guideline value has increased by 49% as well. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for Olive Avenue.

Guideline values in Palur-A

In Palur-A, there are 44 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 600 per sq.ft, with the median value being Rs 400 per sq.ft. Olive Avenue's guideline value of Rs 400 per sq.ft is equal to this median.

• Om Sai Nagar: Rs 400 per sq.ft (2024)
• Om Sai Nagar Phase- II: Rs 400 per sq.ft (2024)
• N.G.O.Nagar: Rs 600 per sq.ft (2024)
• M.S.R.Nagar: Rs 400 per sq.ft (2024)
• Rail Garden: Rs 600 per sq.ft (2024)
• Rail Nagar: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Olive Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total guideline value would be Rs 4,00,000. The stamp duty at 7% would amount to Rs 28,000, and the registration fee at 2% would be Rs 8,000, resulting in a total of Rs 36,000. 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 Olive Avenue?

The Sub Registrar Office that covers Olive Avenue is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Palur-A

The guideline value is a crucial factor during property registration in Palur-A. It serves as a benchmark for determining the stamp duty and registration fees applicable to property transactions. Buyers and sellers must consider this value to ensure compliance with local regulations and to avoid any discrepancies during the registration process.

When a property is bought or sold, the guideline value is assessed to calculate the stamp duty, which is a mandatory fee paid to the government. This fee is based on the higher of the guideline value or the sale price, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Olive Avenue?

The current guideline value of Olive Avenue is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 400 per sq.ft from 2023 to 2024, with a significant increase of 49% from Rs 268 per sq.ft in 2017 to Rs 400 per sq.ft in 2023.

What are the other streets in Palur-A with similar guideline values?

Other streets in Palur-A with a guideline value of Rs 400 per sq.ft in 2024 include Om Sai Nagar, Om Sai Nagar Phase- II, and M.S.R.Nagar.

What are the stamp duty and registration fees for a property in Olive Avenue?

For a 1,000 sq.ft plot at the guideline value of Rs 400 per sq.ft, the total guideline value would be Rs 4,00,000. The stamp duty would be Rs 28,000 and the registration fee would be Rs 8,000, totaling Rs 36,000.

Which office handles property registrations for Olive Avenue?

The Chengleput Joint II Sub Registrar Office handles property registrations for Olive Avenue, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.