Guideline Value for Vasantham Avenue

Vasantham Avenue guideline value

The current guideline value of Vasantham Avenue is Rs 950 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village, under the Selaiyur SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Vasantham Avenue has changed

The guideline value for Vasantham Avenue has undergone several revisions over the years. In 2007, the value was Rs 300 per sq.ft, which increased significantly to Rs 900 per sq.ft in 2012, marking a 200% rise. However, from 2012 to 2017, there was a decline of 33%, bringing the value down to Rs 603 per sq.ft. The value then saw a substantial increase of 49% to reach Rs 900 per sq.ft in 2023.

With the latest revision in 2024, the guideline value has risen by 6% to Rs 950 per sq.ft. Overall, from 2007 to 2024, the guideline value has increased by 217%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, making the 2024 figure for Vasantham Avenue below this median.

• Vasantham Nagar: Rs 950 per sq.ft (2024)
• Vasuki Street: Rs 1,600 per sq.ft (2024)
• Valmiki Sali: Rs 950 per sq.ft (2024)
• Veeramamunivar Street: Rs 1,600 per sq.ft (2024)
• Velachery Main Road: Rs 4,300 per sq.ft (2024)
• Vembuli Bhavanandhiar Street Extn: Rs 1,400 per sq.ft (2024)

Stamp duty and registration fee for property in Vasantham Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 950 per sq.ft, the total guideline value would be Rs 9,50,000. The stamp duty at 7% would amount to Rs 66,500, and the registration fee at 2% would be Rs 19,000, bringing the total cost for these fees to Rs 85,500. 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.

Which Sub Registrar Office covers Vasantham Avenue?

The Sub Registrar Office that covers Vasantham Avenue is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Chembakkam

The guideline value is a critical factor in the registration process when buying or selling property in Chembakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to a property transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the taxes owed during the registration process. This means that understanding the guideline value is essential for both buyers and sellers to avoid any unexpected costs during the transaction.

Frequently asked questions

What is the current guideline value of Vasantham Avenue?

The current guideline value of Vasantham Avenue is Rs 950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has seen various revisions, with the most recent being an increase from Rs 900 per sq.ft in 2023 to Rs 950 per sq.ft in 2024. The overall increase from 2007 to 2024 is 217%.

What is the land classification for Vasantham Avenue?

Vasantham Avenue is classified as Residential Class IV Type - I, indicating its designation for residential use within the area.

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

The Sub Registrar Office for Vasantham Avenue is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated for properties in Vasantham Avenue?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 9,50,000 would incur a stamp duty of Rs 66,500 at 7%.