Guideline Value for Sarvamangala Avenue

Sarvamangala Avenue guideline value

The current guideline value of Sarvamangala Avenue, located in Madambakkam village under the Gooduvancheri SRO, is Rs 1,200 per sq.ft, effective from 1 July 2024. This street is classified as Commercial Special Type - I.

How the guideline value of Sarvamangala Avenue has changed

Over the years, the guideline value of Sarvamangala Avenue has seen several revisions. The earliest recorded revision was in 2007, where the value was Rs 300 per sq.ft. This increased significantly to Rs 1,200 per sq.ft in 2012, marking a 300% increase. However, in the subsequent revision in 2017, the value decreased to Rs 804 per sq.ft, which was a decline of 33%. The value then rose to Rs 1,200 per sq.ft in 2023, remaining unchanged in the latest revision for 2024.

From 2017 to 2023, there was a notable increase of 49%, bringing the value back to Rs 1,200 per sq.ft. The overall change from the 2007 revision to the 2024 revision reflects a 300% increase, showcasing the fluctuations in the guideline value over the years. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 110 streets under the Gooduvancheri SRO that have a guideline value for 2024, ranging from Rs 800 to Rs 2,000 per sq.ft. The median guideline value for these streets is Rs 1,200 per sq.ft, which aligns with the guideline value of Sarvamangala Avenue.

• Saraswathi Garden: Rs 1,200 per sq.ft (2024)
• Sathya Avenue: Rs 1,200 per sq.ft (2024)
• Santhosh Nagar: Rs 1,200 per sq.ft (2024)
• Selva Vinayagar Nagar: Rs 1,200 per sq.ft (2024)
• Sakthi Avenue: Rs 1,200 per sq.ft (2024)
• Sethuganga Nagar: Rs 1,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sarvamangala Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,200 per sq.ft, the total guideline value amounts to Rs 12,00,000. The stamp duty at 7% would be Rs 84,000, and the registration fee at 2% would be Rs 24,000, bringing the total cost for these fees to Rs 1,08,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sarvamangala Avenue?

The Sub Registrar Office that covers Sarvamangala Avenue is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, both parties must consider the guideline value to avoid discrepancies during registration. It is essential to ensure that the sale price is not lower than the guideline value to prevent additional charges or penalties during the registration process.

Frequently asked questions

What is the current guideline value of Sarvamangala Avenue?

The current guideline value of Sarvamangala Avenue is Rs 1,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent revision in 2024 maintaining the value at Rs 1,200 per sq.ft, the same as in 2023. The value increased from Rs 804 per sq.ft in 2017 to Rs 1,200 per sq.ft in 2023.

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

For a property valued at Rs 12,00,000, the stamp duty would be Rs 84,000 and the registration fee would be Rs 24,000, totaling Rs 1,08,000. This is calculated based on the guideline value.

Which office handles property registrations for Sarvamangala Avenue?

The Gooduvancheri Sub Registrar Office handles property registrations for Sarvamangala Avenue, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202.

What is the land classification for Sarvamangala Avenue?

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