Guideline Value for SPRING FIELD AVENUE 2ND CROSS STREET

Spring Field Avenue 2nd Cross Street guideline value

The current guideline value of Spring Field Avenue 2nd Cross Street is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Vanagaram village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Spring Field Avenue 2nd Cross Street has changed

The guideline value for Spring Field Avenue 2nd Cross Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision, marking a decrease of 33%. Following this, the value increased significantly to Rs 1,200 per sq.ft in 2023, and further rose by 10% to reach Rs 1,320 per sq.ft in the 2024 revision.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 770 to Rs 5,500 per sq.ft. The median value for these streets is Rs 1,660 per sq.ft, placing the 2024 figure for Spring Field Avenue 2nd Cross Street below the median.

• Spring Field Avenue 1st Cross Street: Rs 1,320 per sq.ft (2024)
• Spring Field Avenue 7th Street: Rs 1,320 per sq.ft (2024)
• Spring Field Avenue 8th Street: Rs 1,320 per sq.ft (2024)
• Spring Field Avenue 9th Street: Rs 1,320 per sq.ft (2024)
• Spris Field Avenue: Rs 1,320 per sq.ft (2024)
• S.P. Balasubramanian Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Spring Field Avenue 2nd Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 1,320 per sq.ft, the guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total to Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Spring Field Avenue 2nd Cross Street?

The Sub Registrar Office that covers Spring Field Avenue 2nd Cross Street 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 Vanagaram

The guideline value plays a crucial role in the registration process when buying or selling property in Vanagaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the buyer and seller must ensure that the sale price is either aligned with or exceeds the guideline value. This ensures that the appropriate taxes are calculated based on the higher amount, safeguarding the interests of the state in terms of revenue collection.

Frequently asked questions

What is the current guideline value for Spring Field Avenue 2nd Cross Street?

The current guideline value for Spring Field Avenue 2nd Cross Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent increase of 10% from Rs 1,200 per sq.ft in 2023 to Rs 1,320 per sq.ft in 2024. The value was previously Rs 804 per sq.ft in 2017 and Rs 1,200 per sq.ft in 2012.

What is the land classification for Spring Field Avenue 2nd Cross Street?

The land classification for Spring Field Avenue 2nd Cross Street is Residential Class IV Type - II.

Where can I find the registration office for this area?

The registration office for Spring Field Avenue 2nd Cross Street 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.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 13,20,000, the stamp duty would be calculated at 7% of this amount.