Guideline Value for SANGA MITHRA AVENUE

Sanga Mithra Avenue guideline value

The current guideline value of Sanga Mithra Avenue is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Kolathuvancheri village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Sanga Mithra Avenue has changed

The guideline value for Sanga Mithra Avenue has seen several revisions over the years. In 2007, the value was Rs 500 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2012, marking a 200% increase. However, in 2017, the value dropped to Rs 1,005 per sq.ft, reflecting a decrease of 33%. The value then rose to Rs 1,500 per sq.ft in 2023, before reaching the current figure of Rs 1,650 per sq.ft in 2024, which is a 10% increase from the previous year. Overall, from 2007 to 2024, the guideline value has increased by 230%.

The register does not provide figures for the years 2002 and 2003 for this street. The revisions indicate a significant fluctuation in the guideline value over the years, highlighting the changes in land valuation in the area.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 660 to Rs 4,600 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, which is equal to the guideline value of Sanga Mithra Avenue.

• Sangeetham Nagar: Rs 660 per sq.ft (2024)
• Senthamzhil Nagar: Rs 1,870 per sq.ft (2024)
• Senthamzhil Nagar 1st Cross Street: Rs 1,870 per sq.ft (2024)
• Senthamzhil Nagar 1st Main Salai: Rs 1,870 per sq.ft (2024)
• Senthamzhil Nagar 2nd Cross Street: Rs 1,870 per sq.ft (2024)
• Senthamzhil Nagar Extension: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Sanga Mithra Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Sanga Mithra Avenue?

The Sub Registrar Office that covers Sanga Mithra Avenue is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kolathuvancheri. It serves as a benchmark for determining the minimum value at which property transactions must be registered, ensuring transparency and compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial implications associated with the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Sanga Mithra Avenue?

The current guideline value of Sanga Mithra Avenue is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 230% over the years.

What is the land classification for Sanga Mithra Avenue?

Sanga Mithra Avenue is classified as Residential Class III Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Sanga Mithra Avenue?

The Sub Registrar Office for Sanga Mithra Avenue is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for property in Sanga Mithra Avenue?

The stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 16,50,000 would incur a stamp duty of Rs 1,15,500 at a rate of 7%.