Guideline Value for Saranga Avenue

Saranga Avenue guideline value

The current guideline value of Saranga Avenue, located in Mudichur village under the Padappai SRO, is Rs 3,630 per sq.ft as per the 2024 revision effective from 1 July 2024. This street falls under the Commercial Class I Type - I land classification.

How the guideline value of Saranga Avenue has changed

The guideline value for Saranga Avenue has seen significant changes over the years. The earliest recorded figure is from 2007, where it was Rs 200 per sq.ft. This increased dramatically to Rs 3,300 per sq.ft in 2012, marking a rise of 1550%. However, it then decreased to Rs 2,211 per sq.ft in 2017, a drop of 33%. The value then rose again to Rs 3,300 per sq.ft in 2023, followed by a further increase to Rs 3,630 per sq.ft in 2024, which is a 10% rise from the previous year.

There are no figures available for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 1715%.

Guideline values in Mudichur

In Mudichur, there are 135 streets under the Padappai SRO that have a 2024 guideline value ranging from Rs 880 to Rs 4,000 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of Saranga Avenue is above this median.

• Sarang Avenue 4th Street: Rs 3,630 per sq.ft (2024)
• Saravanabhava Nagar: Rs 3,630 per sq.ft (2024)
• Sasikumar Nagar: Rs 1,210 per sq.ft (2024)
• Sathyavani Muthu Street: Rs 1,210 per sq.ft (2024)
• Sakthi Nagar: Rs 1,760 per sq.ft (2024)
• Senthil Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Saranga Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 3,630 per sq.ft, the total guideline value would be Rs 36,30,000. The stamp duty at 7% would be Rs 2,54,100, and the registration fee at 2% would be Rs 72,600, bringing the total to Rs 3,26,700. It is important to note that the 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 Saranga Avenue?

The Sub Registrar Office covering Saranga Avenue is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Mudichur. It helps determine the stamp duty and registration fees that need to be paid when a property transaction occurs. Buyers and sellers must be aware of the current guideline value to ensure compliance with the legal requirements during the registration process.

When a property is sold, the guideline value serves as a benchmark for the transaction value. If the sale price is higher than the guideline value, the stamp duty is calculated based on the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Saranga Avenue?

The current guideline value of Saranga Avenue is Rs 3,630 per sq.ft as per the 2024 revision effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 200 per sq.ft in 2007 to Rs 3,630 per sq.ft in 2024, reflecting an overall increase of 1715% since then.

What is the land classification for Saranga Avenue?

Saranga Avenue is classified as Commercial Class I Type - I, which indicates its suitability for commercial activities.

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

The stamp duty is 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft property at the current rate, the total fees would amount to Rs 3,26,700.

Which office handles registrations for Saranga Avenue?

The Padappai Sub Registrar Office handles registrations for Saranga Avenue, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.