Guideline Value for Shantha Avenue 1st Cross Street

Shantha Avenue 1st Cross Street guideline value

The current guideline value of Shantha Avenue 1st Cross Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, under the Virugambakkam SRO. It is classified as Residential Class III Type - II.

How the guideline value of Shantha Avenue 1st Cross Street has changed

The guideline value for Shantha Avenue 1st Cross Street has seen several revisions over the years. The earliest available figure is from 2007, where the guideline value was Rs 350 per sq.ft. This increased significantly to Rs 2,250 per sq.ft in 2012, marking a rise of 543%. However, between 2012 and 2017, the value decreased to Rs 1,507 per sq.ft, a decline of 33%. The value then rose again to Rs 2,250 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 set the guideline value at Rs 2,500 per sq.ft, which is an 11% increase from the previous year.

It is important to note that there are no figures available for the years 2002 and 2003 for this street in the register.

Guideline values in Nerkundram

Nerkundram has a total of 476 streets under the Virugambakkam SRO, with guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value in the village is Rs 2,200 per sq.ft, placing the 2024 figure for Shantha Avenue 1st Cross Street above this median.

• Shantha Avenue 2nd Cross Street: Rs 2,500 per sq.ft (2024)
• Shantha Avenue 3rd Cross Street: Rs 2,500 per sq.ft (2024)
• Shantha Avenue 4th Cross Street: Rs 2,500 per sq.ft (2024)
• Shantha Avenue Main Road: Rs 2,500 per sq.ft (2024)
• Shanmuga Nagar Sathyam Street: Rs 2,200 per sq.ft (2024)
• Senthamil Nagar Main Road: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Shantha Avenue 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total charges to Rs 2,25,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shantha Avenue 1st Cross Street?

The Sub Registrar Office that covers Shantha Avenue 1st Cross Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for additional information.

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

The guideline value is an essential factor when buying or selling property in Nerkundram, as it determines the minimum value at which a property can be registered. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these charges are based on an official valuation rather than the sale price alone.

When a property is sold, the guideline value helps in establishing a fair transaction price, which is crucial for both buyers and sellers. This process ensures transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Shantha Avenue 1st Cross Street?

The current guideline value of Shantha Avenue 1st Cross Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 350 per sq.ft in 2007 to Rs 2,500 per sq.ft in 2024, reflecting an overall increase of 614% over the years.

What is the land classification for Shantha Avenue 1st Cross Street?

Shantha Avenue 1st Cross Street is classified as Residential Class III Type - II.

Where can I find the Sub Registrar Office for this area?

The Virugambakkam Sub Registrar Office covers Shantha Avenue 1st Cross Street and is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 25,00,000 would incur a stamp duty of Rs 1,75,000 at a rate of 7%.