Guideline Value for SUBHAM AVENUE

Subham Avenue guideline value

The current guideline value of Subham Avenue in Ramapuram village, under the Chennai South Joint II SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This property falls under the Residential Class II Type - II land classification.

How the guideline value of Subham Avenue has changed

The guideline value for Subham Avenue has seen several revisions over the years. Starting from Rs 245 per sq.ft in 2002, it increased to Rs 304 per sq.ft in 2003, marking a 24% rise. The value then saw a significant jump to Rs 900 per sq.ft in 2007, which was a 196% increase. Following this, in 2012, the guideline value was Rs 2,500 per sq.ft, reflecting a 178% increase from the previous figure.

In the subsequent revisions, the guideline value changed to Rs 1,675 per sq.ft in 2017, which was a decrease of 33%. The value then rose to Rs 2,500 per sq.ft in 2023, a 49% increase. The most recent revision in 2024 set the guideline value at Rs 2,750 per sq.ft, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1022%.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 3,100 per sq.ft, making the current guideline value for Subham Avenue below that median.

• Star Street: Rs 2,750 per sq.ft (2024)
• Sunthari Garden: Rs 1,950 per sq.ft (2024)
• Tamil Nagar: Rs 3,550 per sq.ft (2024)
• Tamil Nagar 1st Street: Rs 3,550 per sq.ft (2024)
• Tamil Nagar 2nd Street: Rs 3,550 per sq.ft (2024)
• Tamil Nagar 3rd Street: Rs 3,550 per sq.ft (2024)

Stamp duty and registration fee for property in Subham Avenue

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value totals Rs 27,50,000. The stamp duty at 7% amounts to Rs 1,92,500, while the registration fee at 2% is Rs 55,000, bringing the total fees together to Rs 2,47,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Subham Avenue?

The Sub Registrar Office that covers Subham Avenue is the Chennai South Joint II 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 Ramapuram

The guideline value is a crucial factor during the registration of property transactions in Ramapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is compliant with the state's regulations.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which ensures transparency in property transactions.

Frequently asked questions

What is the current guideline value of Subham Avenue?

The current guideline value of Subham Avenue is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 245 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting a total increase of 1022% over the years.

What is the land classification for Subham Avenue?

Subham Avenue falls under the Residential Class II Type - II land classification.

Where can I find the registration office for Subham Avenue?

The registration office for Subham Avenue is the Chennai South Joint II 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 Subham Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property with a guideline value of Rs 27,50,000, the stamp duty at 7% would be Rs 1,92,500.