Guideline Value for SHIRDI AVENUE

Shirdi Avenue guideline value

The current guideline value of Shirdi Avenue in Medavakkam village is Rs 3,300 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 - II.

How the guideline value of Shirdi Avenue has changed

In the 2017 revision, the guideline value for Shirdi Avenue was Rs 3,000 per sq.ft. This figure remained unchanged in the 2023 revision. However, in the 2024 revision, the guideline value increased by 10% to Rs 3,300 per sq.ft.

Prior to 2017, the register has no figure for this street in the years 2002, 2003, 2007, and 2012. Therefore, the overall change from 2017 to 2024 is an increase of 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 guideline value in this area is Rs 2,200 per sq.ft, placing Shirdi Avenue's 2024 figure above that median.

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

Stamp duty and registration fee for property in Shirdi 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 amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, together totaling Rs 2,97,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can calculate your fees using our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shirdi Avenue?

The Sub Registrar Office that covers Shirdi 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 an important factor in property transactions in Medavakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on it.

When registering a property, the buyer must pay stamp duty and registration fees based on the higher of the guideline value or the sale price. 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 Shirdi Avenue?

The current guideline value of Shirdi 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 increased from Rs 3,000 per sq.ft in 2017 to Rs 3,300 per sq.ft in 2024, marking a 10% increase. There was no change in the value from 2017 to 2023.

What is the land classification of Shirdi Avenue?

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

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

The Sub Registrar Office for Shirdi Avenue is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, a 1,000 sq.ft plot at Rs 3,300 per sq.ft would incur a total cost of Rs 2,97,000 in fees.