Guideline Value for SHRI RAM AVENUE

Shri Ram Avenue guideline value

The current guideline value of Shri Ram Avenue, located in Medavakkam village, is Rs 2,200 per sq.ft. This value is effective from the 2024 revision and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Shri Ram Avenue has changed

The guideline value for Shri Ram Avenue has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 129 per sq.ft. In 2003, it increased to Rs 150 per sq.ft, marking a 16% rise. The 2007 revision saw a significant jump to Rs 300 per sq.ft, reflecting a 100% increase. The 2012 revision maintained the value at Rs 2,000 per sq.ft, which was a decrease of 33% compared to the previous revision. The 2017 revision saw the value rise to Rs 1,340 per sq.ft, a 49% increase. In 2023, the value was Rs 2,000 per sq.ft, and the latest revision in 2024 has set the guideline value at Rs 2,200 per sq.ft, representing a 10% increase from the previous year.

There are no figures available for the years not listed in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 1,605%.

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, which is equal to the current guideline value for Shri Ram Avenue.

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

Stamp duty and registration fee for property in Shri Ram Avenue

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Shri Ram Avenue?

The Sub Registrar Office that covers Shri Ram 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 during the registration of properties 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 legal requirements during property transactions.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Shri Ram Avenue?

The current guideline value of Shri Ram Avenue is Rs 2,200 per sq.ft, effective from the 2024 revision.

How much has the guideline value changed over the years?

Since the 2002 revision, the guideline value has increased from Rs 129 per sq.ft to Rs 2,200 per sq.ft in 2024, representing an overall increase of 1,605%.

What is the land classification for Shri Ram Avenue?

Shri Ram Avenue is classified as Residential Class I Type - I according to the land classification standards.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where can I find the Sub Registrar Office for Shri Ram Avenue?

The Chennai South Joint I Sub Registrar Office is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.