Guideline Value for Park Avenue 1st Lane

Park Avenue 1st Lane guideline value

The current guideline value of Park Avenue 1st Lane is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Park Avenue 1st Lane has changed

The guideline value for Park Avenue 1st Lane has seen several revisions over the years. The earliest available figure is from the 2012 revision, which was Rs 4,000 per sq.ft. This value decreased to Rs 2,680 per sq.ft in the 2017 revision, marking a decline of 33%. The value then increased significantly to Rs 4,000 per sq.ft in 2023, and further rose to Rs 4,400 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

In summary, from the 2012 revision to the 2024 revision, the overall change in guideline value is an increase of 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which matches the current value for Park Avenue 1st Lane.

• Park Avenue 1st Street: Rs 4,400 per sq.ft (2024)
• Park Avenue: Rs 4,400 per sq.ft (2024)
• Park Avenue 1st Street, Murugan Syndigate: Rs 4,400 per sq.ft (2024)
• Park Avenue 2nd Street: Rs 4,400 per sq.ft (2024)
• Park Avenue 2nd Street, Murugan Syndigate: Rs 4,400 per sq.ft (2024)
• Park Avenue 3rd Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Park Avenue 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Park Avenue 1st Lane?

The Sub Registrar Office that covers Park Avenue 1st Lane is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property dealings.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential costs associated with the transaction. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Park Avenue 1st Lane?

The current guideline value of Park Avenue 1st Lane is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 in 2012 to Rs 2,680 in 2017, then to Rs 4,000 in 2023, and finally to Rs 4,400 in 2024. The overall change from 2012 to 2024 is an increase of 10%.

What is the land classification for Park Avenue 1st Lane?

Park Avenue 1st Lane is classified as Residential Class II Type - II.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in this area is 7% of the guideline value or sale price, whichever is higher.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.