Guideline Value for Sripuram Avenue

Sripuram Avenue guideline value

The current guideline value of Sripuram Avenue, located in Mulli village under the Madurandakam SRO, is Rs 100 per sq.ft. This value is effective from the 2024 revision, which will take effect on 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of Sripuram Avenue has changed

Over the years, the guideline value of Sripuram Avenue has seen several revisions. The earliest recorded value is from the 2007 revision, which was Rs 20 per sq.ft. This increased significantly to Rs 70 per sq.ft in 2012, marking a 250% rise. However, from 2012 to 2017, the value decreased to Rs 47 per sq.ft, a decline of 33%. The subsequent revision in 2023 maintained the value at Rs 100 per sq.ft, reflecting a 113% increase from 2017. The current value of Rs 100 per sq.ft for 2024 remains unchanged from the previous year.

It is important to note that the register has no figures for the years 2002 and 2003 regarding this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 400%.

Guideline values in Mulli

In Mulli village, there are five streets under the Madurandakam SRO that carry a 2024 guideline value, ranging from Rs 100 to Rs 500 per sq.ft. The median value for these streets is Rs 101 per sq.ft, placing Sripuram Avenue's 2024 figure below that median.

• Sai Parvathi Avenue: Rs 101 per sq.ft (2024)
• Evs Nagar Phase-I: Rs 101 per sq.ft (2024)
• Barathi Nagar: Rs 101 per sq.ft (2024)
• Bharathi Nagar Extention: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Sripuram Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 100 per sq.ft, the total guideline value would be Rs 1,00,000. The stamp duty, charged at 7%, would amount to Rs 7,000, while the registration fee at 2% would be Rs 2,000, bringing the total fees to Rs 9,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sripuram Avenue?

The Sub Registrar Office that covers Sripuram Avenue is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mulli. It determines the minimum value on which stamp duty and registration fees are calculated. Buyers and sellers must be aware that the guideline value can influence the overall costs associated with property transactions.

When a property is sold, the sale price and the guideline value are compared. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sripuram Avenue?

The current guideline value of Sripuram Avenue is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 20 per sq.ft in 2007 to Rs 100 per sq.ft in 2024, reflecting a significant increase of 400% over the years.

What are the other streets in Mulli and their guideline values?

Other streets in Mulli include Sai Parvathi Avenue, Evs Nagar Phase-I, Barathi Nagar, and Bharathi Nagar Extention, with values ranging from Rs 101 to Rs 500 per sq.ft in 2024.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is 2% of the same value. For example, a 1,000 sq.ft plot at Rs 100 per sq.ft would incur a total fee of Rs 9,000.

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

The Sub Registrar Office covering Sripuram Avenue is located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.