Guideline Value for R.K.V. Avenue

R.K.V. Avenue guideline value

The current guideline value of R.K.V. Avenue is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Zaminpallavaram village, under the Pallavaram SRO, and is classified as Residential Class I Type - II.

How the guideline value of R.K.V. Avenue has changed

The guideline value for R.K.V. Avenue has seen significant changes over the years. In 2003, the guideline value was Rs 154 per sq.ft, which increased to Rs 600 per sq.ft in 2007, marking a substantial rise of 290%. By 2012, the value remained at Rs 3,000 per sq.ft, and it stayed the same until the 2023 revision. In 2023, the value was again Rs 3,000 per sq.ft, but it increased to Rs 3,300 per sq.ft in the 2024 revision, reflecting a 10% increase.

There are no figures available for the revisions in 2002 and 2017 for this street. Overall, from 2003 to 2024, the guideline value has increased by 2043%.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which is equal to the current guideline value of R.K.V. Avenue.

• Rock Avenue: Rs 2,750 per sq.ft (2024)
• Rosario Street (Jesubatham Street): Rs 3,300 per sq.ft (2024)
• Reserve Bank Colony 4th Street: Rs 3,240 per sq.ft (2024)
• Reserve Bank Colony 3rd Street: Rs 3,300 per sq.ft (2024)
• Reserve Bank Colony 2nd Street: Rs 3,300 per sq.ft (2024)
• Reserve Bank Colony 1st Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in R.K.V. Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers R.K.V. Avenue?

The Sub Registrar Office that covers R.K.V. Avenue is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Zaminpallavaram. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded at a value that reflects the prevailing market conditions.

When registering a property, buyers must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of R.K.V. Avenue?

The current guideline value of R.K.V. Avenue is Rs 3,300 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 154 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 2043% over this period.

What are the stamp duty and registration fees for properties in R.K.V. Avenue?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office handles R.K.V. Avenue?

The Pallavaram Sub Registrar Office handles R.K.V. Avenue, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the land classification for R.K.V. Avenue?

R.K.V. Avenue is classified as Residential Class I Type - II, indicating its suitability for residential development.