Guideline Value for ROYAL AVENUE 1 ST STREET

Royal Avenue 1 St Street guideline value

The current guideline value of Royal Avenue 1 St Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Okkiyamthuraipakkam village, under the Neelankarai SRO, and is classified as Residential Class II Type - II.

How the guideline value of Royal Avenue 1 St Street has changed

The guideline value for Royal Avenue 1 St Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,800 per sq.ft, which is an increase from Rs 2,500 per sq.ft in 2023, marking a change of +12%. Prior to that, the value was Rs 1,675 per sq.ft in 2017, reflecting a significant increase of +49% over six years. The value was Rs 2,500 per sq.ft in 2012, showing a decrease of -33% from the previous revision.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by +12%.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, indicating that the guideline value for Royal Avenue 1 St Street is below this median.

• Royal Avenue 2 Nd Street: Rs 2,800 per sq.ft (2024)
• Royal Avenue 3 Th Street: Rs 2,800 per sq.ft (2024)
• Royal Avenue 4 Rd Street: Rs 2,800 per sq.ft (2024)
• Royals Avenue: Rs 2,800 per sq.ft (2024)
• R.E.Nagar: Rs 3,300 per sq.ft (2024)
• Sakthi Garden: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Royal Avenue 1 St Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, totaling Rs 2,52,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Royal Avenue 1 St Street?

The Sub Registrar Office that covers Royal Avenue 1 St Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Okkiyamthuraipakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is used to calculate the applicable duties, ensuring that both the buyer and seller are aware of the financial obligations involved. It is essential for all parties to be informed about the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Royal Avenue 1 St Street?

The current guideline value of Royal Avenue 1 St Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,800 per sq.ft in 2024, a +12% increase. The value was Rs 1,675 per sq.ft in 2017 and Rs 2,500 per sq.ft in 2012, showing a +49% increase from 2017 to 2023 and a -33% decrease from 2012 to 2017.

What are the guideline values for other streets in Okkiyamthuraipakkam?

Other streets in Okkiyamthuraipakkam have varying guideline values. For instance, Royal Avenue 2 Nd Street, Royal Avenue 3 Th Street, Royal Avenue 4 Rd Street, and Royals Avenue all have a guideline value of Rs 2,800 per sq.ft in 2024, while R.E.Nagar is valued at Rs 3,300 per sq.ft.

What fees are associated with buying property in Royal Avenue 1 St Street?

When buying property in Royal Avenue 1 St Street, buyers should be prepared to pay a stamp duty of 7% and a registration fee of 2% based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 2,52,000.

Which office handles the registration for Royal Avenue 1 St Street?

The registration for Royal Avenue 1 St Street is handled by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.