Guideline Value for SPRIS FIELD AVENUE

Spris Field Avenue guideline value

The current guideline value of Spris Field Avenue 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 Spris Field Avenue has changed

The guideline value for Spris Field Avenue has seen several revisions over the years. In 2002, the value was Rs 87 per sq.ft, which increased to Rs 100 per sq.ft in 2003, marking a 15% rise. The value continued to grow significantly, reaching Rs 500 per sq.ft in 2007, a 400% increase from the previous revision. By 2012, the value was Rs 1,200 per sq.ft, showing a substantial increase of 140% from 2007. However, it then dropped to Rs 804 per sq.ft in 2017, reflecting a decrease of 33%.

The most recent revisions show a steady increase. The guideline value was Rs 1,200 per sq.ft in 2023 and rose by 10% to Rs 1,320 per sq.ft in 2024. Overall, from 2002 to 2024, the guideline value has increased by 1,417%.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO with a 2024 guideline value range from Rs 770 to Rs 5,500 per sq.ft. The median value for these streets is Rs 1,660 per sq.ft, indicating that the guideline value for Spris Field Avenue is below this median.

• Spring Field Avenue 9th Street: Rs 1,320 per sq.ft (2024)
• Spring Field Avenue 8th Street: Rs 1,320 per sq.ft (2024)
• Spring Field Avenue 7th Street: Rs 1,320 per sq.ft (2024)
• Spring Field Avenue 2nd Cross Street: Rs 1,320 per sq.ft (2024)
• Spring Field Avenue 1st Cross Street: 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 Spris Field Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty is calculated at 7%, which totals Rs 92,400, and the registration fee is 2%, amounting to Rs 26,400. Together, the total cost for stamp duty and registration fee would be 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.

You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Spris Field Avenue?

The Sub Registrar Office that covers Spris Field 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 more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Vanagaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the transaction is recorded accurately according to the prevailing rates.

When engaging in a property transaction, it is essential to be aware of the guideline value, as it affects the stamp duty and registration fees that need to be paid. This ensures compliance with the regulations set forth by the registration authorities.

Frequently asked questions

What is the current guideline value of Spris Field Avenue?

The current guideline value of Spris Field Avenue 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 87 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 1,417% over the years.

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

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 1,18,800, based on the guideline value of Rs 13,20,000.

Which Sub Registrar Office covers Spris Field Avenue?

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

What is the land classification for Spris Field Avenue?

The land classification for Spris Field Avenue is Residential Class IV Type - II, indicating its designated use for residential purposes.