Guideline Value for RUSSEL AVENUE

Russel Avenue guideline value

The current guideline value of Russel Avenue in Madambakkam village, under the Selaiyur SRO, is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is classified as Residential Special Type - II.

How the guideline value of Russel Avenue has changed

The guideline value for Russel Avenue has undergone several revisions over the years. The register has no figure for this street in 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 3,500 per sq.ft, which reflects a significant increase from the previous figure. The 2024 revision has further raised the guideline value to Rs 3,800 per sq.ft, marking a 9% increase from the 2023 figure.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value in the village is Rs 2,400 per sq.ft, placing Russel Avenue's 2024 figure above this median.

• Ruby Vairam: Rs 2,700 per sq.ft (2024)
• RUBY RHEA GARDENS Phase -II: Rs 3,500 per sq.ft (2024)
• Ruby Rhea Gardens: Rs 3,500 per sq.ft (2024)
• Sabapathi Nagar: Rs 2,750 per sq.ft (2024)
• Sabapathi Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Sabapathi Nagar 1st Main Road: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Russel Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty at 7% would amount to Rs 2,66,000, while the registration fee at 2% would be Rs 76,000, bringing the total fees to Rs 3,42,000. 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 further assistance.

Which Sub Registrar Office covers Russel Avenue?

The Sub Registrar Office that covers Russel Avenue is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Madambakkam

The guideline value plays a crucial role in property transactions in Madambakkam. It is used to determine the stamp duty and registration fees payable when a property is bought or sold. When registering a property, the guideline value is often used as a benchmark to ensure that the transaction is conducted at a fair value.

Buyers and sellers should be aware that the guideline value is updated periodically, and it is essential to check the latest figures before making any transactions. This ensures compliance with the legal requirements and helps in understanding the financial implications of the property deal.

Frequently asked questions

What is the current guideline value of Russel Avenue?

The current guideline value of Russel Avenue is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Russel Avenue was Rs 3,500 per sq.ft in 2023, which increased by 9% to Rs 3,800 per sq.ft in 2024. The register has no figure for this street in the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Russel Avenue?

Russel Avenue is classified as Residential Special Type - II. This classification impacts the guideline value and the regulations governing property transactions in the area.

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

For a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000, and the registration fee would be Rs 76,000, totaling Rs 3,42,000. The duty is charged on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Russel Avenue located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073. This office handles the registration of properties in the area.