Guideline Value for Usha Avenue

Usha Avenue guideline value

The current guideline value of Usha Avenue is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village under the Tambaram Joint 1 SRO and is classified as Residential Class I Type - II.

How the guideline value of Usha Avenue has changed

The guideline value for Usha Avenue has seen several revisions over the years. In 2012, the guideline value was Rs 2,500 per sq.ft. This figure remained unchanged until 2017, when it decreased to Rs 1,675 per sq.ft, marking a decline of 33%. Following this, the value increased significantly to Rs 2,500 per sq.ft in 2023, and then to Rs 2,750 per sq.ft in 2024, reflecting a 10% increase from the previous year.

From 2017 to 2023, the guideline value rose by 49%, and overall, from 2012 to 2024, there has been a 10% increase. The register has no 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 that carry a 2024 guideline value, 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, placing Usha Avenue's 2024 figure above this median.

• Vaidyalingam 2nd Cross Street: Rs 1,650 per sq.ft (2024)
• Vaidyalingam Ist Cross Street: Rs 1,650 per sq.ft (2024)
• Vaigai Street: Rs 1,650 per sq.ft (2024)
• Vaithiyalingam Street: Rs 1,650 per sq.ft (2024)
• Valliammai 2nd Cross Street: Rs 1,100 per sq.ft (2024)
• Valliammai Ist Cross Street: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Usha Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, leading to a total of Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more information on fees applicable to your property transactions.

Which Sub Registrar Office covers Usha Avenue?

The Sub Registrar Office covering Usha 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 details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Chitlapakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency in property transactions.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This helps maintain uniformity in property valuations across the region.

Frequently asked questions

What is the current guideline value of Usha Avenue?

The current guideline value of Usha Avenue is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification for Usha Avenue?

Usha Avenue is classified as Residential Class I Type - II, indicating its suitability for residential development.

What are the stamp duty rates for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value.

Where is the Sub Registrar Office located?

The Tambaram Joint 1 Sub Registrar Office is located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone.