Guideline Value for Rock Avenue

Rock Avenue guideline value

The current guideline value of Rock Avenue in Zaminpallavaram village is Rs 2,750 per sq.ft, effective from 1 July 2024. This area falls under the Pallavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Rock Avenue has changed

The guideline value for Rock Avenue has seen significant changes over the years. In 2003, the value was Rs 208 per sq.ft, which increased to Rs 600 per sq.ft by 2007, marking a substantial rise of 188%. By 2012, the value remained unchanged at Rs 2,500 per sq.ft. The 2023 revision also held the same rate of Rs 2,500 per sq.ft, showing no change from the previous revision.

The most recent revision in 2024 saw an increase to Rs 2,750 per sq.ft, reflecting a 10% rise from the 2023 figure. Overall, from 2003 to 2024, the guideline value has increased by 1222%, showcasing the significant growth in value over the years.

Guideline values in Zaminpallavaram

Zaminpallavaram has a total of 638 streets under the Pallavaram SRO, with guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft as of 2024. The median guideline value in this village is Rs 3,300 per sq.ft, placing Rock Avenue's current value below this median.

• Rosario Street (Jesubatham Street): Rs 3,300 per sq.ft (2024)
• R.K.V. Avenue: Rs 3,300 per sq.ft (2024)
• Reserve Bank Colony 4th Street: Rs 3,240 per sq.ft (2024)
• Reserve Bank Colony 3rd Street: Rs 3,300 per sq.ft (2024)
• Reserve Bank Colony 2nd Street: Rs 3,300 per sq.ft (2024)
• Reserve Bank Colony 1st Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Rock Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total fees to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rock Avenue?

The Sub Registrar Office that covers Rock Avenue is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Zaminpallavaram. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that both parties comply with the legal requirements.

It is essential for buyers and sellers to be aware of the current guideline value as it directly affects the financial aspects of the transaction. The higher of the guideline value or the sale price will be considered for calculating the duty, ensuring transparency in property dealings.

Frequently asked questions

What is the current guideline value of Rock Avenue?

The current guideline value of Rock Avenue is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 208 per sq.ft in 2003 to Rs 2,750 per sq.ft in 2024, reflecting a significant increase of 1222% over the years.

What is the land classification of Rock Avenue?

Rock Avenue is classified as Residential Class II Type - I, indicating its intended use for residential purposes.

Which office handles property registrations for Rock Avenue?

The Pallavaram Sub Registrar Office handles property registrations for Rock Avenue, located in Chromepet, Chennai.

How is stamp duty calculated in Zaminpallavaram?

Stamp duty in Zaminpallavaram is calculated based on the higher of the guideline value or the sale price of the property. The current rate for stamp duty is 7% of the guideline value.