Guideline Value for Savitha Avenue

Savitha Avenue guideline value

The current guideline value of Savitha Avenue in Chitlapakkam village, under the Tambaram Joint 1 SRO, is Rs 1,320 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Savitha Avenue has changed

The guideline value for Savitha Avenue has seen several revisions over the years. In 2012, the guideline value was set at Rs 1,200 per sq.ft. This figure remained unchanged until the 2017 revision, when it dropped to Rs 804 per sq.ft, marking a decrease of 33%. The value then increased significantly to Rs 1,200 per sq.ft in 2023, and further rose to Rs 1,320 per sq.ft in the 2024 revision, reflecting an increase of 10% from the previous year.

From 2017 to 2023, the guideline value rose by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register does not have 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, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which means Savitha Avenue's current value is below that median.

• Sayee Avenue: Rs 2,750 per sq.ft (2024)
• SBI colony Ist street: Rs 2,750 per sq.ft (2024)
• Saththirapathy Sivaji 1st Street Sanmugam Nagar: Rs 1,650 per sq.ft (2024)
• Saththapathy Sivaji 2nd Street Sanmugam Nagar: Rs 1,650 per sq.ft (2024)
• Sathrapathi Sivaji Street: Rs 1,650 per sq.ft (2024)
• Sathrapathi Sivaji Cross Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Savitha Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, while the registration fee at 2% would be Rs 26,400, bringing the total fees to Rs 1,18,800. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Savitha Avenue?

The Sub Registrar Office covering Savitha Avenue is 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 plays a crucial role in the registration process when buying or selling property in Chitlapakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is used to calculate the applicable duties, ensuring that the transaction is recorded accurately. Buyers should be aware that the stamp duty is charged on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Savitha Avenue?

The current guideline value of Savitha Avenue is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,320 per sq.ft in 2024.

What is the land classification for Savitha Avenue?

The land classification for Savitha Avenue is Residential Class II Type - I, which indicates its intended use for residential purposes.

What are the stamp duty rates for properties in Savitha Avenue?

The stamp duty rate for properties in Savitha Avenue is 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% applies.

Where can I find the Sub Registrar Office for Savitha Avenue?

The Sub Registrar Office for Savitha Avenue is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.