Guideline Value for Sankar Avenue

Sankar Avenue guideline value

The current guideline value of Sankar Avenue is Rs 10,400 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of Sankar Avenue has changed

The guideline value for Sankar Avenue has seen significant changes over the years. In 2002, the guideline value was Rs 1,260 per sq.ft. This figure increased to Rs 3,000 per sq.ft in 2007, marking a substantial rise of 138%. The value then surged to Rs 9,500 per sq.ft in 2012, reflecting a remarkable increase of 217%. However, it dropped to Rs 6,365 per sq.ft in 2017, a decrease of 33%. The value then rose again to Rs 9,500 per sq.ft in 2023, followed by a further increase to the current rate of Rs 10,400 per sq.ft in 2024, which is a 9% rise from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 725%. It is important to note that the register has no figure for Sankar Avenue in 2003.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft, with a median value of Rs 8,800 per sq.ft. The guideline value for Sankar Avenue is above this median.

• Sankaranaiyar Street: Rs 8,800 per sq.ft (2024)
• Saraswathy Street: Rs 8,800 per sq.ft (2024)
• Sarojini Street: Rs 8,800 per sq.ft (2024)
• Scheme Road (40 Feet): Rs 8,800 per sq.ft (2024)
• Scheme Road (70 Feet): Rs 11,500 per sq.ft (2024)
• School Lane: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Sankar Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 10,400 per sq.ft, the total guideline value amounts to Rs 1,04,00,000. The stamp duty at 7% would be Rs 7,28,000, and the registration fee at 2% would be Rs 2,08,000, bringing the total to Rs 9,36,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sankar Avenue?

The Sub Registrar Office that covers Sankar Avenue is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Nungambakkam. It serves as a benchmark for determining the minimum price at which a property can be registered. The guideline value is used to calculate the stamp duty and registration fees, ensuring that all transactions are conducted transparently and fairly.

When you proceed with a property transaction, the guideline value helps both buyers and sellers understand the official valuation of the property. This valuation is essential for legal documentation and ensures compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Sankar Avenue?

The current guideline value of Sankar Avenue is Rs 10,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 1,260 per sq.ft in 2002 to Rs 10,400 per sq.ft in 2024, representing an overall increase of 725%.

What is the land classification for Sankar Avenue?

The land classification for Sankar Avenue is Commercial Class I Type - I, indicating its suitability for commercial activities.

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

For a 1,000 sq.ft plot, the total stamp duty would be Rs 7,28,000, and the registration fee would be Rs 2,08,000, totaling Rs 9,36,000 based on the current guideline value.

Where is the Sub Registrar Office for Sankar Avenue located?

The Sub Registrar Office covering Sankar Avenue is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.