Guideline Value for S.P.E AVENUE

S.P.E Avenue guideline value

The current guideline value of S.P.E Avenue in Kovur village, under the Kunrathur SRO, is Rs 2,630 per sq.ft. This value is effective from 1 July 2024 and is classified as Mixed Special Type - II.

How the guideline value of S.P.E Avenue has changed

In the 2012 revision, the guideline value was Rs 1,800 per sq.ft. This figure decreased to Rs 1,600 per sq.ft in the 2017 revision, marking a decline of 11%. However, from 2017 to 2023, the value saw a significant increase of 49%, reaching Rs 2,389 per sq.ft. The most recent revision in 2024 marked a further increase of 10%, bringing the current guideline value to Rs 2,630 per sq.ft.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for S.P.E Avenue. Overall, from 2012 to 2024, the guideline value has increased by 46%.

Guideline values in Kovur

Kovur village has a total of 91 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, and S.P.E Avenue's 2024 figure is above this median.

• South Mada Street: Rs 1,650 per sq.ft (2024)
• Sree Srinivasan Nagar Extension: Rs 2,300 per sq.ft (2024)
• Sri Adhilakshmi Nagar: Rs 1,650 per sq.ft (2024)
• Sri Adhilakshmi nagar Extn: Rs 1,650 per sq.ft (2024)
• Sri Adilkshmi Nagar Annexe: Rs 1,650 per sq.ft (2024)
• Sri Ambal Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in S.P.E Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,630 per sq.ft, the total guideline value would be Rs 26,30,000. The stamp duty at 7% would amount to Rs 1,84,100, while the registration fee at 2% would be Rs 52,600. Together, these fees would total Rs 2,36,700. 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 S.P.E Avenue?

The Sub Registrar Office covering S.P.E Avenue is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Kovur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of S.P.E Avenue?

The current guideline value of S.P.E Avenue is Rs 2,630 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of S.P.E Avenue has increased from Rs 1,800 per sq.ft in 2012 to Rs 2,630 per sq.ft in 2024, reflecting an overall increase of 46% over this period.

What is the land classification for S.P.E Avenue?

S.P.E Avenue is classified as Mixed Special Type - II under the current land classification guidelines.

What are the stamp duty and registration fees for property in S.P.E Avenue?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 2,36,700.

Which office handles property registrations for S.P.E Avenue?

The Kunrathur Sub Registrar Office handles property registrations for S.P.E Avenue, located at No.59, Road Street, Kundrathur, Chennai -600 069.