Guideline Value for SRI KUMARAN AVENUE

Sri Kumaran Avenue guideline value

The current guideline value of Sri Kumaran Avenue in Chemmancheri village is Rs 1,700 per sq.ft, effective from 1 July 2024. This area falls under the Neelankarai SRO and is classified as Residential Class IV Type - I.

How the guideline value of Sri Kumaran Avenue has changed

The guideline value for Sri Kumaran Avenue has seen several revisions over the years. In 2012, the value was set at Rs 1,500 per sq.ft, which decreased to Rs 1,005 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,500 per sq.ft in 2023, and further rose to the current rate of Rs 1,700 per sq.ft in the 2024 revision. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%, while from 2017 to 2023, the value increased by 49%. The overall change from 2012 to 2024 shows a modest increase of 13%.

Guideline values in Chemmancheri

In Chemmancheri, there are 195 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 6,600 per sq.ft. The median guideline value is Rs 1,700 per sq.ft, which is equal to the current guideline value for Sri Kumaran Avenue.

• Sri Ganapathi Nagar Colony: Rs 3,300 per sq.ft (2024)
• Srinivasan Garden: Rs 1,700 per sq.ft (2024)
• Sri Balaji Nagar: Rs 1,100 per sq.ft (2024)
• Sri Alamelumangapuram: Rs 1,700 per sq.ft (2024)
• Spic Gel Co: Rs 3,300 per sq.ft (2024)
• South Border Lane Pattai Salai: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Kumaran Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total to Rs 1,53,000. It is important to note that 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 more details.

Which Sub Registrar Office covers Sri Kumaran Avenue?

The Sub Registrar Office that covers Sri Kumaran Avenue is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Chemmancheri. It determines the minimum price at which a property can be registered and is used to calculate stamp duty and registration fees. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during property transactions.

When purchasing property, the guideline value serves as a benchmark for the registration process. It is essential for buyers to understand that the guideline value may differ from the actual sale price, and the higher of the two will be used to calculate applicable duties and fees.

Frequently asked questions

What is the current guideline value of Sri Kumaran Avenue?

The current guideline value of Sri Kumaran Avenue is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,700 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 17,00,000, the stamp duty would be Rs 1,19,000, and the registration fee would be Rs 34,000, totaling Rs 1,53,000.

Which Sub Registrar Office is responsible for Sri Kumaran Avenue?

The Neelankarai Sub Registrar Office covers Sri Kumaran Avenue, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai.

What is the land classification of Sri Kumaran Avenue?

Sri Kumaran Avenue is classified as Residential Class IV Type - I, indicating its designation for residential use.