Guideline Value for SKY LAB AVENUE

Sky Lab Avenue guideline value

The current guideline value of Sky Lab Avenue in Chitthalapakkam village is Rs 2,900 per sq.ft, effective from 1 July 2024. This area falls under the Selaiyur Sub Registrar Office and is classified as Industries Type - I.

How the guideline value of Sky Lab Avenue has changed

The guideline value for Sky Lab Avenue has seen several revisions over the years. In 2012, the value was set at Rs 2,700 per sq.ft, which then decreased to Rs 1,809 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,700 per sq.ft in 2023, and currently stands at Rs 2,900 per sq.ft from the 2024 revision. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Between the revisions, the changes are as follows: from 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The most recent change from 2023 to 2024 reflects a 7% increase, resulting in an overall increase of 7% from 2012 to 2024.

Guideline values in Chitthalapakkam

Chitthalapakkam features a range of guideline values across its 107 streets under the Selaiyur SRO, with figures ranging from Rs 1,300 to Rs 5,000 per sq.ft. The median guideline value is Rs 2,900 per sq.ft, which is equal to the current value of Sky Lab Avenue.

• Sky Lab Avenue3 Extension: Rs 2,850 per sq.ft (2024)
• Senthamizh Nagar Veenus Colony: Rs 3,300 per sq.ft (2024)
• Sekaran S Woodrow Manor: Rs 3,300 per sq.ft (2024)
• Seethammal Nagar: Rs 2,950 per sq.ft (2024)
• Sri Nagalakshmi Avenue: Rs 3,300 per sq.ft (2024)
• Srinivasa Nagar: Rs 2,900 per sq.ft (2024)

Stamp duty and registration fee for property in Sky Lab Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,900 per sq.ft, the total guideline value would be Rs 29,00,000. The stamp duty at 7% would amount to Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, resulting in a total of Rs 2,61,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sky Lab Avenue?

The Sub Registrar Office that covers Sky Lab Avenue is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Chitthalapakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property in the area.

When a property is sold, the guideline value is used to assess the applicable fees, ensuring that both the buyer and seller are aware of the financial obligations involved in the transaction. This helps maintain transparency and standardization in property dealings within the region.

Frequently asked questions

What is the current guideline value of Sky Lab Avenue?

The current guideline value of Sky Lab Avenue is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,700 per sq.ft in 2023 to Rs 2,900 per sq.ft in 2024, reflecting a 7% increase. It decreased from Rs 2,700 in 2012 to Rs 1,809 in 2017, and then increased to Rs 2,700 in 2023.

What is the land classification of Sky Lab Avenue?

Sky Lab Avenue is classified as Industries Type - I, which indicates its suitability for industrial purposes.

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

For a property valued at Rs 29,00,000, the stamp duty would be Rs 2,03,000 and the registration fee would be Rs 58,000, totaling Rs 2,61,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.