Guideline Value for Royal Avenue

Royal Avenue guideline value

The current guideline value of Royal Avenue, located in Manimangalam A village under the Padappai SRO, is Rs 770 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Royal Avenue has changed

The guideline value for Royal Avenue has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 770 per sq.ft, up from Rs 700 per sq.ft in 2023, marking a 10% increase. Prior to that, in 2017, the value was Rs 469 per sq.ft, indicating a significant increase of 49% from 2017 to 2023 and an overall increase of 64% from 2017 to 2024. The register has no figures for the years 2002, 2003, 2007, and 2012.

In summary, the guideline value has risen from Rs 469 per sq.ft in 2017 to Rs 770 per sq.ft in 2024, reflecting substantial changes over the years. The absence of figures for earlier revisions indicates that the value has only been formally established in the recent years.

Guideline values in Manimangalam A

In Manimangalam A, there are 112 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 550 to Rs 2,500 per sq.ft. The median value is Rs 880 per sq.ft, which means Royal Avenue's current guideline value of Rs 770 per sq.ft is below this median.

• Royal Avenue Part I to III: Rs 770 per sq.ft (2024)
• Royal Court: Rs 770 per sq.ft (2024)
• Royal Court Phase I to III: Rs 770 per sq.ft (2024)
• Royal Residency: Rs 770 per sq.ft (2024)
• Sai Nagar: Rs 880 per sq.ft (2024)
• Saravanan Nagar: Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Royal Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 770 per sq.ft, the total guideline value amounts to Rs 7,70,000. The stamp duty at 7% would be Rs 53,900, and the registration fee at 2% would be Rs 15,400, totaling Rs 69,300. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Royal Avenue?

The Sub Registrar Office that covers Royal Avenue is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Manimangalam A. It serves as the basis for calculating stamp duty and registration fees, which are mandatory for property transactions.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value as determined by the state. This helps maintain transparency and accountability in property dealings within the region.

Frequently asked questions

What is the current guideline value of Royal Avenue?

The current guideline value of Royal Avenue is Rs 770 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 469 per sq.ft in 2017 to Rs 770 per sq.ft in 2024, which is an overall increase of 64%.

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

For a property valued at Rs 7,70,000, the stamp duty would be Rs 53,900 and the registration fee would be Rs 15,400, totaling Rs 69,300.

Which Sub Registrar Office covers Royal Avenue?

The Padappai Sub Registrar Office covers Royal Avenue, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What is the land classification of Royal Avenue?

Royal Avenue is classified as Residential Class II Type - I, indicating its designation for residential use within the area.