Guideline Value for SPRING FIELD AVENUE 7TH STREET

Spring Field Avenue 7th Street guideline value

The current guideline value of Spring Field Avenue 7th 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 7th Street has changed

The guideline value for Spring Field Avenue 7th Street has undergone several revisions over the years. The earliest recorded figure is from 2012, where it was Rs 1,200 per sq.ft. This value remained until the next revision in 2017, which saw a decrease to Rs 804 per sq.ft. However, from 2017 to 2023, the value increased significantly by 49% to Rs 1,200 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 1,320 per sq.ft, marking a 10% rise from the previous year.

There are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, 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 guideline value in this area is Rs 1,660 per sq.ft, making the current value of Spring Field Avenue 7th Street below that median.

• Spring Field Avenue 2nd Cross Street: Rs 1,320 per sq.ft (2024)
• Spring Field Avenue 8th Street: Rs 1,320 per sq.ft (2024)
• Spring Field Avenue 1st Cross 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 7th Street

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

You can also use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Spring Field Avenue 7th Street?

The Sub Registrar Office that covers Spring Field Avenue 7th 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 information.

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

The guideline value is a crucial factor during the registration of property transactions in Vanagaram. 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 buying or selling property, the guideline value helps both parties understand the financial implications of the transaction. It is essential for buyers to consider this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Spring Field Avenue 7th Street?

The current guideline value of Spring Field Avenue 7th 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 changed from Rs 1,200 per sq.ft in 2023 to Rs 1,320 per sq.ft in 2024, reflecting a 10% increase. It was 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 7th Street?

Spring Field Avenue 7th Street is classified as Residential Class IV Type - II. This classification indicates the type of development permissible in the area.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Spring Field Avenue 7th 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 guideline value or the sale price, whichever is higher. For example, a property valued at Rs 13,20,000 would incur a stamp duty of Rs 92,400 at 7%.