Guideline Value for SHARMILA AVENUE

Sharmila Avenue guideline value

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

How the guideline value of Sharmila Avenue has changed

The guideline value of Sharmila Avenue has seen significant changes over the years. In 2002, the guideline value was Rs 68 per sq.ft, which increased to Rs 79 per sq.ft in 2003, marking a 16% rise. By 2007, the value jumped to Rs 400 per sq.ft, reflecting a substantial increase of 406%. The 2012 revision recorded a guideline value of Rs 2,500 per sq.ft, which was a 525% increase from 2007. However, this value decreased by 33% to Rs 1,675 per sq.ft in 2017. The 2023 revision set the value at Rs 2,500 per sq.ft, which then increased by 10% to the current value of Rs 2,750 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 3,944%. There are no figures available for the years not mentioned in the register 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 for these streets is Rs 2,200 per sq.ft, placing Sharmila Avenue's current value above this median.

• Shanthi Street: 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)
• Shanthi Avenue: Rs 2,750 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 Sharmila 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, bringing the total to 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.

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

Which Sub Registrar Office covers Sharmila Avenue?

The Sub Registrar Office covering Sharmila 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 Medavakkam

The guideline value is a crucial factor in property transactions in Medavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Sharmila Avenue?

The current guideline value of Sharmila 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 significantly from Rs 68 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 3,944% over this period.

What is the land classification for Sharmila Avenue?

Sharmila 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 Sharmila Avenue?

The Sub Registrar Office for Sharmila 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 property in Sharmila Avenue?

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