Guideline Value for SELVAKUMAR AVENUE

Selvakumar Avenue guideline value

The current guideline value of Selvakumar Avenue in Medavakkam village is Rs 2,200 per sq.ft, effective from 1 July 2024. This property falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Selvakumar Avenue has changed

Over the years, the guideline value of Selvakumar Avenue has seen significant changes. The 2007 revision set the value at Rs 900 per sq.ft, which increased to Rs 2,000 per sq.ft in 2012, marking a 122% rise. However, in 2017, the value dropped to Rs 1,340 per sq.ft, a decrease of 33%. The value then rose to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft as of the 2024 revision, reflecting a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a substantial increase of 49%. Overall, from the 2007 revision to the current 2024 value, there has been a notable increase of 144%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value is Rs 2,200 per sq.ft, which is the same as the current guideline value for Selvakumar Avenue.

• Selvakumar Avenue Mullai Street: Rs 2,200 per sq.ft (2024)
• Selvakumar Malligai Street: Rs 2,200 per sq.ft (2024)
• Selvakumar Roja Street: Rs 2,200 per sq.ft (2024)
• Selva Ganapathy Nagar: Rs 2,200 per sq.ft (2024)
• Senthamil Nagar: Rs 2,750 per sq.ft (2024)
• Sathya Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Selvakumar Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. 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 further calculations.

Which Sub Registrar Office covers Selvakumar Avenue?

The Sub Registrar Office that covers Selvakumar 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 details.

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

When buying or selling property in Medavakkam, the guideline value plays a crucial role in determining the registration fees and stamp duty. The buyer must pay these fees based on the guideline value or the sale price, whichever is higher, ensuring that the transaction is recorded accurately.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly influences the overall costs involved in the property transaction. Understanding these values can help in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Selvakumar Avenue?

The current guideline value of Selvakumar Avenue is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 144% over the years.

What is the land classification for Selvakumar Avenue?

Selvakumar Avenue is classified as Residential Class I Type - I.

Which Sub Registrar Office covers Selvakumar Avenue?

Selvakumar Avenue falls under 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 stamp duty calculated for properties in Selvakumar Avenue?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 1,54,000.