Guideline Value for Rajalakshmi Avenue

Rajalakshmi Avenue guideline value

The current guideline value of Rajalakshmi Avenue is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the jurisdiction of the Virugambakkam SRO, and is classified as Residential Special Type - II.

How the guideline value of Rajalakshmi Avenue has changed

The guideline value for Rajalakshmi Avenue has seen significant changes over the years. In 2003, the guideline value was Rs 1,638 per sq.ft. This value increased to Rs 1,700 per sq.ft in 2007, followed by a substantial jump to Rs 6,000 per sq.ft in 2012. However, it decreased to Rs 4,020 per sq.ft in 2017, before rising again to Rs 6,000 per sq.ft in 2023. The latest revision in 2024 set the guideline value at Rs 6,600 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 303%. The register does not provide a figure for the year 2002 for this street.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that have a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Rajalakshmi Avenue's 2024 guideline value of Rs 6,600 per sq.ft is above this median.

• Rajaji Colony (Near SBI Colony): Rs 4,400 per sq.ft (2024)
• Rajeshwari Colony (Near Arcot Road): Rs 4,950 per sq.ft (2024)
• Raji Street: Rs 2,750 per sq.ft (2024)
• P.V.Rjamannar Salai: Rs 7,150 per sq.ft (2024)
• RajivGandhi Street: Rs 3,300 per sq.ft (2024)
• Ramasamy Road: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Rajalakshmi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, totaling Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Rajalakshmi Avenue?

The Sub Registrar Office that covers Rajalakshmi Avenue is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process for property transactions in Virugambakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when a property is bought or sold.

When registering a property, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Rajalakshmi Avenue?

The current guideline value of Rajalakshmi Avenue is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2003, the guideline value has increased from Rs 1,638 per sq.ft to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 303% over this period.

What are the other streets in Virugambakkam and their guideline values?

Other streets in Virugambakkam have varying guideline values, with Rajaji Colony at Rs 4,400 per sq.ft, Rajeshwari Colony at Rs 4,950 per sq.ft, and Ramasamy Road at Rs 8,800 per sq.ft, among others.

What are the stamp duty and registration fees for properties in Rajalakshmi Avenue?

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Where can I find the Sub Registrar Office for Rajalakshmi Avenue?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.