Guideline Value for Vasantham Avenue

Vasantham Avenue guideline value

The current guideline value of Vasantham Avenue is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Vasantham Avenue has changed

The guideline value for Vasantham Avenue has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in the 2017 revision. Following this, the value saw a significant increase to Rs 1,500 per sq.ft in the 2023 revision. The most recent revision in 2024 has raised the guideline value to Rs 1,600 per sq.ft, marking a 7% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 7%. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1946 streets under the Madhavaram SRO that carry a 2024 guideline value, ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value among these streets is Rs 1,600 per sq.ft, which aligns with the current guideline value of Vasantham Avenue.

• Vasantham Avenue (Ward-09): Rs 1,600 per sq.ft (2024)
• Vasantha Colony (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• Vasantham Garden Phase- III: Rs 1,600 per sq.ft (2024)
• Vasantham Nagar: Rs 1,300 per sq.ft (2024)
• Vasantham Nagar Main Roads ( Ward No.3 ): Rs 1,300 per sq.ft (2024)
• Vasantham Nagar Phase- III: Rs 1,600 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 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty is calculated at 7%, which equals Rs 1,12,000, and the registration fee at 2% amounts to Rs 32,000. Therefore, the total cost for stamp duty and registration fee together is Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Vasantham Avenue?

The Vasantham Avenue falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a crucial role during property transactions in Madhavaram. It serves as a benchmark for determining the minimum value of a property, ensuring that the sale price is not undervalued for registration purposes.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations involved in the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Vasantham Avenue?

The current guideline value of Vasantham Avenue is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the stamp duty and registration fee for Vasantham Avenue?

For a plot of 1,000 sq.ft, the total stamp duty is Rs 1,12,000 and the registration fee is Rs 32,000, making a total of Rs 1,44,000 based on the current guideline value.

Which Sub Registrar Office covers Vasantham Avenue?

The Madhavaram Sub Registrar Office covers Vasantham Avenue, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Vasantham Avenue?

Vasantham Avenue is classified under Residential Class II Type - I land classification.