Guideline Value for SHANTHI AVENUE

Shanthi Avenue guideline value

The current guideline value of Shanthi Avenue is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village, under the Chennai South Joint I SRO, and is classified as Commercial Class I Type - III.

How the guideline value of Shanthi Avenue has changed

The guideline value for Shanthi Avenue has seen several revisions over the years. In the 2012 revision, the value was set at Rs 2,500 per sq.ft, which decreased to Rs 1,675 per sq.ft in the 2017 revision. This marked a reduction of 33%. However, from 2017 to 2023, the value increased significantly by 49%, reaching Rs 2,500 per sq.ft. The most recent revision in 2024 saw a further increase to Rs 2,750 per sq.ft, reflecting a 10% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for Shanthi Avenue. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Shanthi Avenue's 2024 figure above this median.

• Shanthi Street: Rs 2,750 per sq.ft (2024)
• Sharmila Avenue: Rs 2,750 per sq.ft (2024)
• Shirdi Avenue: Rs 3,300 per sq.ft (2024)
• Shirdi Shelters Avenue: Rs 5,750 per sq.ft (2024)
• Shri K.M.N. Nagar: Rs 2,750 per sq.ft (2024)
• Shrinivasa Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Shanthi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, resulting in a total of Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shanthi Avenue?

The Sub Registrar Office covering Shanthi 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

The guideline value plays a crucial role in the registration process of property transactions in Medavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these charges are based on the higher of the guideline value or the actual sale price, which can impact the total cost of the transaction.

Frequently asked questions

What is the current guideline value of Shanthi Avenue?

The current guideline value of Shanthi Avenue is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification of Shanthi Avenue?

Shanthi Avenue is classified as Commercial Class I Type - III under the Chennai South Joint I SRO.

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

The Sub Registrar Office for Shanthi Avenue is 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 Shanthi Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 27,50,000 would incur a stamp duty of Rs 1,92,500 at a rate of 7%.