Guideline Value for VASANTH AVENUE

Vasanth Avenue guideline value

The current guideline value of Vasanth Avenue is Rs 12,100 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class II Type - II.

How the guideline value of Vasanth Avenue has changed

The guideline value for Vasanth Avenue has seen significant changes over the years. The earliest recorded revision in 2002 set the value at Rs 1,551 per sq.ft. This figure rose to Rs 3,321 per sq.ft in 2003, marking an increase of 114%. The value then increased to Rs 3,430 per sq.ft in 2007, a modest rise of 3%. By 2012, the guideline value jumped to Rs 11,000 per sq.ft, representing a substantial increase of 221% from the previous revision.

In the latest revision for 2024, the guideline value stands at Rs 12,100 per sq.ft, which is a 10% increase from the 2012 figure. Overall, from 2002 to 2024, the guideline value has increased by 680%. The register has no figures for the years 2017 and 2023 for this street.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, indicating that Vasanth Avenue's 2024 figure is above this median.

• Vathiyar Chinna Pillai Street: Rs 3,300 per sq.ft (2024)
• Vedhachala Garden: Rs 7,100 per sq.ft (2024)
• Vedhantha Desikar Street (Palathoppu): Rs 9,300 per sq.ft (2024)
• Veerabadran Street: Rs 7,100 per sq.ft (2024)
• Veeraperumal Koil Street: Rs 7,100 per sq.ft (2024)
• Vannan Medu Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vasanth Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 12,100 per sq.ft, the total guideline value is Rs 1,21,00,000. The stamp duty at 7% would be Rs 8,47,000, and the registration fee at 2% would be Rs 2,42,000, bringing the total fees to Rs 10,89,000. Please 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 more details.

Which Sub Registrar Office covers Vasanth Avenue?

The Sub Registrar Office that covers Vasanth Avenue is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered. When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value helps buyers and sellers to ensure compliance with legal requirements during property transactions. It also provides clarity on the financial obligations involved in the registration process.

Frequently asked questions

What is the current guideline value of Vasanth Avenue?

The current guideline value of Vasanth Avenue is Rs 12,100 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 1,551 per sq.ft in 2002 to Rs 12,100 per sq.ft in 2024, reflecting an overall increase of 680% over this period.

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

For a property valued at Rs 1,21,00,000, the stamp duty would be Rs 8,47,000 and the registration fee would be Rs 2,42,000, totaling Rs 10,89,000.

Where is the Sub Registrar Office for Vasanth Avenue located?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification of Vasanth Avenue?

Vasanth Avenue is classified as Residential Class II Type - II, indicating its designation for residential use within the area.