Guideline Value for S.C.R.AVENUE

S.C.R.Avenue guideline value

The current guideline value of S.C.R.Avenue in Okkiyamthuraipakkam village, under the Neelankarai SRO, is Rs 1,700 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - I land classification.

How the guideline value of S.C.R.Avenue has changed

The guideline value for S.C.R.Avenue has undergone several revisions over the years. In 2003, the value was set at Rs 111 per sq.ft, which increased to Rs 250 per sq.ft in 2007. The value then saw a significant jump to Rs 1,500 per sq.ft in 2012, followed by a decrease to Rs 1,005 per sq.ft in 2017. The 2023 revision raised the value to Rs 1,500 per sq.ft, and the most recent revision in 2024 set it at Rs 1,700 per sq.ft. Notably, there is no figure available for the year 2002 in the register for this street.

Between the revisions, the changes in guideline value per sq.ft are as follows: from 2003 to 2007, there was an increase of 125%; from 2007 to 2012, a remarkable increase of 500%; however, from 2012 to 2017, there was a decrease of 33%. The value increased by 49% from 2017 to 2023, and then by 13% from 2023 to 2024. Overall, from 2003 to 2024, the guideline value has increased by 1432%.

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. The median value for these streets is Rs 3,300 per sq.ft, positioning S.C.R.Avenue's 2024 figure below that median.

• Secratry Colony: Rs 2,800 per sq.ft (2024)
• Secretariat Colony: Rs 3,900 per sq.ft (2024)
• Selvakumar Avenue: Rs 3,900 per sq.ft (2024)
• Selvakumar Avenue 1st Street: Rs 3,900 per sq.ft (2024)
• Selvakumar Avenue Main Road: Rs 3,900 per sq.ft (2024)
• Saravanabava Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in S.C.R.Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty, charged at 7%, would be Rs 1,19,000, while the registration fee at 2% would be Rs 34,000. Together, the total fees would amount to Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers S.C.R.Avenue?

The Sub Registrar Office that covers S.C.R.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 plays a crucial role in property transactions in Okkiyamthuraipakkam. It serves as a benchmark for determining the minimum value at which properties can be registered. When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

Additionally, the guideline value helps maintain transparency in property transactions. Buyers and sellers can refer to the guideline value to understand the fair valuation of properties in the area, which aids in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of S.C.R.Avenue?

The current guideline value of S.C.R.Avenue is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 111 per sq.ft in 2003 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of 1432% over this period.

What is the land classification for S.C.R.Avenue?

S.C.R.Avenue is classified under Residential Class III Type - I land classification.

What are the stamp duty and registration fees for properties in S.C.R.Avenue?

For a property valued at Rs 17,00,000, the stamp duty would be Rs 1,19,000 and the registration fee would be Rs 34,000, totaling Rs 1,53,000.

Which Sub Registrar Office covers S.C.R.Avenue?

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