Guideline Value for Sri Ayappa Nagar 1st Street

Sri Ayappa Nagar 1st Street guideline value

The current guideline value of Sri Ayappa Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class V Type - I.

How the guideline value of Sri Ayappa Nagar 1st Street has changed

The guideline value for Sri Ayappa Nagar 1st Street has seen significant changes over the years. In 2002, the guideline value was Rs 78 per sq.ft. This increased to Rs 86 per sq.ft in 2003, marking a 10% rise. By 2007, the value surged to Rs 300 per sq.ft, reflecting a remarkable 249% increase. The 2012 revision saw the value at Rs 2,000 per sq.ft, which was a substantial 567% increase from the previous revision. However, in 2017, the guideline value dropped to Rs 1,340 per sq.ft, representing a decrease of 33%.

In 2023, the guideline value was revised to Rs 2,000 per sq.ft, and then it increased by 10% to reach the current value of Rs 2,200 per sq.ft in 2024. Overall, from 2002 to 2024, the guideline value has increased by 2,721%.

Guideline values in Maduravoyal

In Maduravoyal, there are a total of 636 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value for these streets is Rs 3,050 per sq.ft, placing Sri Ayappa Nagar 1st Street's 2024 figure below the median.

• Sri Ayappa Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Sri Ayappa Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Sri Ayappa Nagar Extension: Rs 2,200 per sq.ft (2024)
• Sri Bakkya Nagar: Rs 2,750 per sq.ft (2024)
• Sri Abiramai Nagar: Rs 2,750 per sq.ft (2024)
• Sri Devi Nagar 10th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Ayappa Nagar 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value totals Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Sri Ayappa Nagar 1st Street?

The Sub Registrar Office that covers Sri Ayappa Nagar 1st 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 more information.

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

The guideline value is an essential component in the registration process when buying or selling property in Maduravoyal. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the transaction is documented accurately.

When a property is registered, the higher of the guideline value and the sale price is used to determine the applicable duties. This ensures compliance with legal requirements and helps maintain transparency in property transactions.

Frequently asked questions

What is the current guideline value of Sri Ayappa Nagar 1st Street?

The current guideline value of Sri Ayappa Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 78 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 2,721%.

What is the stamp duty rate for properties in Sri Ayappa Nagar 1st Street?

The stamp duty rate for properties in Sri Ayappa Nagar 1st Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Sri Ayappa Nagar 1st Street?

The Sub Registrar Office for Sri Ayappa Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Sri Ayappa Nagar 1st Street?

The land classification for Sri Ayappa Nagar 1st Street is Residential Class V Type - I, indicating its suitability for residential purposes.