Guideline Value for Sri Vinayaga Avenue

Sri Vinayaga Avenue guideline value

The current guideline value of Sri Vinayaga Avenue, located in Sholavaram village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Sri Vinayaga Avenue has changed

The guideline value for Sri Vinayaga Avenue has seen significant changes over the years. In 2003, the value was Rs 33 per sq.ft. This increased to Rs 200 per sq.ft in 2007, marking a substantial rise of 506%. The value then rose sharply to Rs 500 per sq.ft in 2012, representing a 150% increase. However, it decreased to Rs 335 per sq.ft in 2017, a decline of 33%. The value further increased to Rs 500 per sq.ft in 2023, showing a 49% rise. Currently, the guideline value stands at Rs 550 per sq.ft following a 10% increase from the 2023 revision.

It is important to note that there is no figure available for the year 2002 in the register for this street.

Guideline values in Sholavaram

In Sholavaram, there are 98 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 515 to Rs 3,500 per sq.ft. The median value is Rs 660 per sq.ft, which means that the guideline value for Sri Vinayaga Avenue is below this median.

• Sri Venkatesa Nagar: Rs 660 per sq.ft (2024)
• Sri Shanmuga Nagar: Rs 550 per sq.ft (2024)
• Sri Sai Ram Nagar: Rs 1,650 per sq.ft (2024)
• Sri Sai Baba nagar: Rs 550 per sq.ft (2024)
• Sun City Phase-V: Rs 950 per sq.ft (2024)
• Sri Ragavendra Modern Town: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Vinayaga Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 5,50,000, the stamp duty at 7% would amount to Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total to Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Vinayaga Avenue?

The Sub Registrar Office that covers Sri Vinayaga Avenue is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is a crucial factor during property registration in Sholavaram. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of this value as it directly impacts the stamp duty and registration fees payable during the transaction.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair value, preventing undervaluation. This process is essential for maintaining transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value of Sri Vinayaga Avenue?

The current guideline value of Sri Vinayaga Avenue is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 33 per sq.ft in 2003 to Rs 550 per sq.ft in 2024, reflecting an overall increase of 1567% over the years.

What is the land classification for Sri Vinayaga Avenue?

Sri Vinayaga Avenue is classified as Residential Class III Type - I.

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

For a property valued at Rs 5,50,000, the stamp duty would be Rs 38,500 and the registration fee would be Rs 11,000, totaling Rs 49,500.

Which office handles registrations for properties in Sri Vinayaga Avenue?

The Redhills Sub Registrar Office handles registrations for properties in Sri Vinayaga Avenue, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.