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Guideline Value

Corporate

Guideline Value for Park Avenue/Square 1st Street

₹2200/sq.ft.

The guideline value for Park Avenue/square 1st Street in Madipakkam-1 village (Velacheri SRO, Chennai zone) is Rs 2200 per sq.ft, effective 1 July 2024. It was Rs 2000 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class Ii Type - I. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Madipakkam-1

Village

Velacheri

SRO

Residential Class II Type - I
History
Period Guideline Value
From 1-7-2024 ₹2200 /sq.ft.
From 1-4-2023 ₹2000 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹1340 /sq.ft.
From 1-4-2012 To 8-6-2017 N/A
From 1-8-2007 To 31-3-2012 N/A
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/square 1st Street

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Park Avenue/Square 1st Street guideline value

The current guideline value of Park Avenue/Square 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, and it falls under the Residential Class II Type - I land classification.

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

The guideline value for Park Avenue/Square 1st Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, an increase of 10% from the 2023 revision of Rs 2,000 per sq.ft. Prior to that, the 2017 revision recorded a value of Rs 1,340 per sq.ft, marking a significant increase of 49% to the 2023 figure. The register has no figures for the years 2012, 2007, 2003, and 2002 for this street.

Overall, from the 2017 revision to the current 2024 revision, the guideline value has increased by 64%. This reflects the changes in valuation over time, with the current rate being a notable step up from previous figures.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value of Park Avenue/Square 1st Street is below this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Park Avenue/Square 1st Street?

The Sub Registrar Office that covers Park Avenue/Square 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 more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role during the registration of property transactions in Madipakkam-1. It serves as a basis for calculating the stamp duty and registration fees, which are mandatory for property transactions.

When buying or selling property, the guideline value ensures that the transaction is registered at a fair value, which is important for both the buyer and the seller. It helps maintain transparency in property dealings and is a critical aspect of the property registration process.

Frequently asked questions

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

The current guideline value of Park Avenue/Square 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased by 64%, from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024.

What are the stamp duty and registration fees for this property?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for Park Avenue/Square 1st Street?

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

How is the guideline value determined?

The guideline value is determined by the Registration Department and reflects the market conditions for property in a specific area. It is revised periodically to ensure it remains relevant to current property values.