Guideline Value for SANTHA AVENUE

Santha Avenue guideline value

The current guideline value of Santha Avenue is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Okkiyamthuraipakkam village, under the Neelankarai SRO, and is classified as Residential Class II Type - I.

How the guideline value of Santha Avenue has changed

The guideline value for Santha Avenue has seen significant changes over the years. In the 2003 revision, the value was Rs 83 per sq.ft, which increased to Rs 250 per sq.ft in 2007, marking a substantial rise of 201%. The value then surged dramatically to Rs 3,000 per sq.ft in 2012, reflecting an increase of 1,100%. However, the following revision in 2017 saw a decrease to Rs 2,010 per sq.ft, a drop of 33%. The value then rose to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by 3,876%. It is important to note that there is no figure available for Santha Avenue in the 2002 revision.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 3,300 per sq.ft, which is the same as the current value for Santha Avenue.

• Saraswathi Nagar: Rs 1,700 per sq.ft (2024)
• Saraswathi Nagar 1 St Street: Rs 1,700 per sq.ft (2024)
• Saraswathi Nagar 2 Nd Street: Rs 1,700 per sq.ft (2024)
• Saraswathi Nagar Extension: Rs 1,700 per sq.ft (2024)
• Sarathi Nagar Main Road: Rs 1,700 per sq.ft (2024)
• Sarathy Nagar/Avenue: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Santha Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Santha Avenue?

The Sub Registrar Office that covers Santha 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 the registration process when buying or selling property in Okkiyamthuraipakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements.

When a property is registered, the guideline value is compared against the sale price. The higher of the two is used to calculate the applicable stamp duty. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Santha Avenue?

The current guideline value of Santha Avenue is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Santha Avenue has increased from Rs 83 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 3,876%.

What is the land classification for Santha Avenue?

Santha Avenue is classified as Residential Class II Type - I, which is important for understanding the zoning regulations in the area.

How is the stamp duty calculated for properties in Santha Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at a rate of 7%.

Where can I find the Sub Registrar Office for Santha Avenue?

The Sub Registrar Office for Santha Avenue is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.