Guideline Value for SRI BHAVANI AMMAN AVENUE

Sri Bhavani Amman Avenue guideline value

The current guideline value of Sri Bhavani Amman Avenue is Rs 1,870 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Sri Bhavani Amman Avenue has changed

Over the years, the guideline value of Sri Bhavani Amman Avenue has seen significant changes. In 2002, the guideline value was Rs 69 per sq.ft, which increased to Rs 80 per sq.ft in 2003, marking a 16% rise. The value then rose to Rs 300 per sq.ft in 2007, reflecting a substantial increase of 275%. Following this, the value saw a remarkable jump to Rs 1,700 per sq.ft in 2012, which was a 467% increase. However, from 2012 to 2017, the guideline value decreased to Rs 1,139 per sq.ft, showing a decline of 33%. The value then increased to Rs 1,700 per sq.ft in 2023, with a 49% rise, before reaching the current value of Rs 1,870 per sq.ft in 2024, reflecting a 10% increase.

There are no figures available for revisions in years not listed. The overall change from 2002 to 2024 shows an increase of 2,610% in the guideline value per sq.ft.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO carrying a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of Sri Bhavani Amman Avenue is below this median.

• Sri Devi Karumariamman Nagar: Rs 1,870 per sq.ft (2024)
• Sri Baba Nagar Main Raod: Rs 2,200 per sq.ft (2024)
• Sri Baba Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Sri Baba Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Sri Baba Nagar 1st Street/All Street: Rs 2,200 per sq.ft (2024)
• Somu Nagar Sathya Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Bhavani Amman Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the total guideline value amounts to Rs 18,70,000. The stamp duty at 7% would be Rs 1,30,900, and the registration fee at 2% would be Rs 37,400, making the total charges together Rs 1,68,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Sri Bhavani Amman Avenue?

The Sub Registrar Office that covers Sri Bhavani Amman 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 Medavakkam

The guideline value is a crucial factor during property transactions in Medavakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in calculating the applicable taxes and fees. It is essential for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Sri Bhavani Amman Avenue?

The current guideline value of Sri Bhavani Amman Avenue is Rs 1,870 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, with an overall increase of 2,610% from Rs 69 per sq.ft in 2002 to Rs 1,870 per sq.ft in 2024.

What is the land classification for Sri Bhavani Amman Avenue?

Sri Bhavani Amman Avenue is classified as Residential Class III Type - I.

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

The Sub Registrar Office for Sri Bhavani Amman 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.

How is stamp duty calculated for properties in Sri Bhavani Amman Avenue?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total guideline value is Rs 18,70,000, leading to a stamp duty of Rs 1,30,900.