Guideline Value for RIYA AVENUE

Riya Avenue guideline value

The current guideline value of Riya Avenue, located in Varadarajapuram village under the Padappai SRO, is Rs 2,220 per sq.ft, effective from 1 July 2024. The land classification for this area is Commercial Class I Type - III.

How the guideline value of Riya Avenue has changed

The guideline value of Riya Avenue has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,220 per sq.ft, which is an increase of 10% from the 2023 revision of Rs 2,010 per sq.ft. Prior to this, there are no figures available for the revisions in 2017, 2012, 2007, 2003, and 2002 for this street.

In summary, the guideline value has increased from Rs 2,010 per sq.ft in 2023 to Rs 2,220 per sq.ft in 2024. The previous revisions do not have any recorded figures for Riya Avenue, indicating a lack of data for those years.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO that have a guideline value for 2024, ranging from Rs 880 to Rs 4,100 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, positioning Riya Avenue's 2024 figure above this median.

• Rose Garden: Rs 990 per sq.ft (2024)
• Royal Garden: Rs 990 per sq.ft (2024)
• Rd Golden Meadows: Rs 3,470 per sq.ft (2024)
• RDA Nagar: Rs 990 per sq.ft (2024)
• Rayappa Nagar: Rs 1,650 per sq.ft (2024)
• Sai Beverly Hills: Rs 1,540 per sq.ft (2024)

Stamp duty and registration fee for property in Riya Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,220 per sq.ft, the total guideline value would be Rs 22,20,000. The stamp duty at 7% would amount to Rs 1,55,400, and the registration fee at 2% would be Rs 44,400. Together, the total cost for stamp duty and registration fees would be Rs 1,99,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Riya Avenue?

The Sub Registrar Office that covers Riya Avenue is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for additional assistance.

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

The guideline value plays a crucial role in property transactions in Varadarajapuram. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

When selling property, the guideline value can also influence the perceived value of the property in the market. Buyers and sellers often refer to the guideline value to assess the fairness of the transaction, ensuring that both parties are informed about the official valuation set by the authorities.

Frequently asked questions

What is the current guideline value of Riya Avenue?

The current guideline value of Riya Avenue is Rs 2,220 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 2,010 per sq.ft in 2023 to Rs 2,220 per sq.ft in 2024. There are no recorded figures for the revisions in 2017, 2012, 2007, 2003, and 2002 for this street.

What is the land classification for Riya Avenue?

Riya Avenue is classified as Commercial Class I Type - III. This classification can affect the types of developments allowed in the area.

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

For a property valued at Rs 22,20,000, the stamp duty would be Rs 1,55,400 and the registration fee would be Rs 44,400, totaling Rs 1,99,800. These fees are based on the guideline value.

Where is the Sub Registrar Office for Riya Avenue located?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. This office handles the registration of property transactions in the area.