Guideline Value for SIVARAM AVENUE

Sivaram Avenue guideline value

The current guideline value of Sivaram Avenue, located in Medavakkam village under the Chennai South Joint I SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Sivaram Avenue has changed

Over the years, the guideline value of Sivaram Avenue has seen significant changes. Starting from Rs 73 per sq.ft in 2002, it increased to Rs 85 per sq.ft in 2003, marking a 16% rise. The value then surged dramatically to Rs 300 per sq.ft in 2007, reflecting a 253% increase. In 2012, the value was recorded at Rs 2,000 per sq.ft, which was a 567% increase from the previous revision. However, it dropped by 33% to Rs 1,340 per sq.ft in 2017.

The guideline value rose again to Rs 2,000 per sq.ft in 2023, and most recently, it has increased to Rs 2,200 per sq.ft in 2024, representing a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 2914%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO, with 2024 figures ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which matches the current value for Sivaram Avenue.

• Sivakami Nagar - Sivaram Avenue: Rs 2,750 per sq.ft (2024)
• Sivakami Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Sivakami Nagar Extn: Rs 2,750 per sq.ft (2024)
• Sivakami Nagar Extention: Rs 2,750 per sq.ft (2024)
• Sivakami Nagar 5th Street: Rs 2,750 per sq.ft (2024)
• Sivakami Nagar 4th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sivaram Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000. Together, the total charges would be Rs 1,98,000. 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 information.

Which Sub Registrar Office covers Sivaram Avenue?

The Sub Registrar Office that covers Sivaram 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 further assistance.

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

The guideline value is a crucial factor during the registration 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 revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. This value is used to calculate the applicable stamp duty and registration fees, which are essential components of the property transaction process.

Frequently asked questions

What is the current guideline value of Sivaram Avenue?

The current guideline value of Sivaram Avenue is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 73 per sq.ft in 2002 and reaching Rs 2,200 per sq.ft in 2024, with various increases and decreases throughout the years.

What is the land classification for Sivaram Avenue?

Sivaram Avenue is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in Sivaram Avenue?

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.

Which Sub Registrar Office covers Sivaram Avenue?

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