Guideline Value for Saradha Avenue 7th Street

Saradha Avenue 7th Street guideline value

The current guideline value of Saradha Avenue 7th Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village and falls under the Tambaram Joint 1 SRO, classified as Residential Class I Type - II.

How the guideline value of Saradha Avenue 7th Street has changed

The guideline value for Saradha Avenue 7th Street has seen several revisions over the years. The earliest recorded revision is from 2012, where the guideline value was Rs 2,500 per sq.ft. This figure remained the same in the subsequent 2012 revision, but it decreased to Rs 1,675 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,500 per sq.ft in the 2023 revision, and finally, it rose to Rs 2,750 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

In terms of percentage changes, the guideline value increased by 49% from 2017 to 2023. However, there was a decrease of 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value among these streets is Rs 1,650 per sq.ft, placing Saradha Avenue 7th Street's 2024 figure above that median.

• Saradha Avenue 6th Street: Rs 2,750 per sq.ft (2024)
• Saradha Avenue 5th Street: Rs 2,750 per sq.ft (2024)
• Saradha Avenue 4th Street: Rs 2,750 per sq.ft (2024)
• Saradha Avenue 3rd Street: Rs 2,750 per sq.ft (2024)
• Saradha Avenue 2nd Street: Rs 2,750 per sq.ft (2024)
• Sapthagiri Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Saradha Avenue 7th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty, charged at 7%, would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for these fees would be Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Saradha Avenue 7th Street?

The Saradha Avenue 7th Street is covered by the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Chitlapakkam as it determines the minimum value at which a property can be registered. When a property is sold, the buyer and seller must agree on a sale price, which cannot be lower than the guideline value set by the government.

At the time of registration, stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate taxes from property transactions.

Frequently asked questions

What is the current guideline value of Saradha Avenue 7th Street?

The current guideline value of Saradha Avenue 7th Street 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 changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

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

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles registrations for Saradha Avenue 7th Street?

The Tambaram Joint 1 Sub Registrar Office handles registrations for Saradha Avenue 7th Street, located at No.26, Mes Road, East Tambaram, Chennai-600059.

What is the significance of the guideline value in property transactions?

The guideline value is used to establish the minimum price for property registration. It ensures that the stamp duty and registration fees are appropriately calculated based on the higher of the guideline value or the sale price.