Guideline Value for SIBEE AVENUE

Sibee Avenue guideline value

The current guideline value of Sibee Avenue is Rs 700 per sq.ft, effective from 1 July 2024. This street is located in Chettipunniyam village, under the Chengleput Joint II SRO, and falls under the Residential Class I Type - II land classification.

How the guideline value of Sibee Avenue has changed

The guideline value for Sibee Avenue has seen several revisions over the years. In 2007, the value was Rs 225 per sq.ft, which increased significantly to Rs 700 per sq.ft in 2012, marking a rise of 211%. However, from 2012 to 2017, the value decreased to Rs 469 per sq.ft, a drop of 33%. Following this, the value rose again to Rs 700 per sq.ft in 2023, and remained unchanged in the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%, but the current value of Rs 700 per sq.ft has not changed from the previous year. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Chettipunniyam

In Chettipunniyam, there are 47 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 700 to Rs 4,750 per sq.ft. The median value for these streets is Rs 900 per sq.ft, which means that the guideline value for Sibee Avenue is below the median.

• Shree Desikar Nagar Extension: Rs 900 per sq.ft (2024)
• Sivagami Nagar: Rs 700 per sq.ft (2024)
• Senthi Nagar: Rs 700 per sq.ft (2024)
• Sowbagya Housing Co operative Mega Nagar: Rs 900 per sq.ft (2024)
• Selvaganapthi Nagar: Rs 700 per sq.ft (2024)
• Sree Desikar Nagar Extension Phase-2: Rs 700 per sq.ft (2024)

Stamp duty and registration fee for property in Sibee Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 700 per sq.ft, the total guideline value amounts to Rs 7,00,000. The stamp duty is charged at 7%, which comes to Rs 49,000, and the registration fee is charged at 2%, amounting to Rs 14,000. Together, these fees total Rs 63,000. 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 more details.

Which Sub Registrar Office covers Sibee Avenue?

The Sub Registrar Office that covers Sibee Avenue is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002 in the Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value plays a critical role in the registration process when buying or selling property in Chettipunniyam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When a property is sold, the buyer and seller must consider the guideline value to calculate the necessary fees. If the sale price is higher than the guideline value, the stamp duty will be charged based on the sale price, ensuring that the transaction is compliant with local regulations.

Frequently asked questions

What is the current guideline value of Sibee Avenue?

The current guideline value of Sibee Avenue is Rs 700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 225 per sq.ft in 2007 to Rs 700 per sq.ft in 2012, then decreased to Rs 469 per sq.ft in 2017, and returned to Rs 700 per sq.ft in 2023 and 2024.

What is the median guideline value in Chettipunniyam?

The median guideline value in Chettipunniyam is Rs 900 per sq.ft, while Sibee Avenue's current value is below this median.

What are the stamp duty rates applicable?

The stamp duty for property transactions is charged at 7% of the guideline value or the sale price, whichever is higher, along with a registration fee of 2%.

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

The Sub Registrar Office covering Sibee Avenue is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.