Guideline Value for ROYALS AVENUE

Royals Avenue guideline value

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

How the guideline value of Royals Avenue has changed

The guideline value of Royals Avenue has seen several revisions over the years. The earliest recorded figure is from 2003, where the value was Rs 144 per sq.ft. This increased significantly to Rs 500 per sq.ft in 2007, marking a 247% rise. In 2012, the value remained at Rs 2,500 per sq.ft, but then dropped to Rs 1,675 per sq.ft in 2017, representing a decrease of 33%. The value then rose sharply to Rs 2,500 per sq.ft in 2023, and further increased to the current rate of Rs 2,800 per sq.ft in 2024, showing a 12% increase.

Overall, from 2003 to 2024, the guideline value has increased by 1,844%. The register has no figure for the year 2002 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Royals Avenue is below this median.

• Royal Avenue 4 Rd Street: Rs 2,800 per sq.ft (2024)
• Royal Avenue 3 Th Street: Rs 2,800 per sq.ft (2024)
• Royal Avenue 2 Nd Street: Rs 2,800 per sq.ft (2024)
• Royal Avenue 1 St Street: 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 Royals Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty, charged at 7%, is Rs 1,96,000, and the registration fee at 2% is Rs 56,000, leading to a total of Rs 2,52,000. It is important to 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 Royals Avenue?

The Sub Registrar Office that covers Royals Avenue 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 information.

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

The guideline value is a crucial factor when registering a property in Okkiyamthuraipakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable during the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable duties. This ensures that the transaction is recorded accurately and that the government receives the appropriate revenue based on the established guideline values.

Frequently asked questions

What is the current guideline value of Royals Avenue?

The current guideline value of Royals Avenue 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 144 per sq.ft in 2003 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 1,844% over the years.

What is the land classification for Royals Avenue?

Royals Avenue is classified as Residential Class II Type - II, indicating its designation for residential use.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in this area is charged at 7% of the guideline value or sale price, whichever is higher. Registration fees are charged at 2% of the guideline value.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.