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Guideline Value

Corporate

Guideline Value for Park Avenue 1st Street

₹4400/sq.ft.

The guideline value for Park Avenue 1st Street in Velachery village (Velacheri SRO, Chennai zone) is Rs 4400 per sq.ft, effective 1 July 2024. It was Rs 4000 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class Ii Type - Ii. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Velachery

Village

Velacheri

SRO

Residential Class II Type - II
History
Period Guideline Value
From 1-7-2024 ₹4400 /sq.ft.
From 1-4-2023 ₹4000 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹2680 /sq.ft.
From 1-4-2012 To 8-6-2017 N/A
From 1-8-2007 To 31-3-2012 ₹1500 /sq.ft.
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042
044-22553736
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Park Avenue 1st Street

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Park Avenue 1st Street guideline value

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

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

The guideline value for Park Avenue 1st Street has seen several revisions over the years. The 2007 revision set the value at Rs 1,500 per sq.ft, which increased to Rs 2,680 per sq.ft in 2017, marking a significant rise of 79%. Following this, the 2023 revision raised the value to Rs 4,000 per sq.ft, reflecting a 49% increase from the previous revision. The most recent 2024 revision has further increased the guideline value to Rs 4,400 per sq.ft, a 10% rise from 2023.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2012 for this street. Overall, from 2007 to 2024, the guideline value has increased by 193%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with the 2024 guideline values 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 guideline value of Park Avenue 1st Street.

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

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 amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, leading to a total of Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Park Avenue 1st Street?

The Sub Registrar Office that covers Park Avenue 1st Street 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 further assistance.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Velachery. It determines the amount of stamp duty and registration fees that need to be paid, which are calculated based on the guideline value or the sale price, whichever is higher.

When a property is registered, the guideline value serves as a benchmark to ensure that the transaction is documented at a fair value, reflecting the official rates set by the government. This helps maintain transparency in property transactions.

Frequently asked questions

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

The current guideline value of Park Avenue 1st Street 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 increased from Rs 1,500 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, showing a total increase of 193% over the years.

What are the other streets in Velachery with the same guideline value?

Other streets in Velachery that share the same guideline value of Rs 4,400 per sq.ft include Park Avenue 1st Lane, Park Avenue 1st Street, Murugan Syndigate, Park Avenue 2nd Street, Park Avenue, Park Avenue 2nd Street, Murugan Syndigate, and Park Avenue 3rd Street.

What is the stamp duty for property in Park Avenue 1st Street?

The stamp duty for a property in Park Avenue 1st Street is 7% of the guideline value or sale price, whichever is higher. For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000.

Where is the Sub Registrar Office for Park Avenue 1st Street located?

The Sub Registrar Office for Park Avenue 1st Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.