Guideline Value for Vasantham Avenue

Vasantham Avenue guideline value

The current guideline value of Vasantham Avenue is Rs 550 per sq.ft, effective from 1 July 2024. This street is located in Alamathi village, under the Redhills SRO, and is classified as Residential Class II Type - I.

How the guideline value of Vasantham Avenue has changed

The guideline value for Vasantham Avenue has seen significant changes over the years. In 2003, the guideline value was Rs 19 per sq.ft, which increased to Rs 200 per sq.ft in 2007, marking a substantial rise of 953%. The value then rose to Rs 500 per sq.ft in 2012, which was a 150% increase from the previous revision. However, between 2012 and 2017, the value decreased to Rs 335 per sq.ft, reflecting a decline of 33%. The 2023 revision set the value at Rs 500 per sq.ft, which then increased to Rs 550 per sq.ft in 2024, a rise of 10%.

Overall, from 2003 to 2024, the guideline value has increased by 2795%. The revisions for the year 2002 do not have a recorded figure for this street.

Guideline values in Alamathi

In Alamathi, there are 54 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,100 per sq.ft. The median value is Rs 550 per sq.ft, which is equal to the guideline value of Vasantham Avenue.

• Velan Nagar: Rs 550 per sq.ft (2024)
• Upparapalayam Road: Rs 550 per sq.ft (2024)
• Thiruvallur Nedunchalai (Upto Alamathi Easwaran Koil): Rs 1,100 per sq.ft (2024)
• Subamangalam Annexer Nagar: Rs 770 per sq.ft (2024)
• Sri Vijayalakshmi Nagar Extn-1: Rs 770 per sq.ft (2024)
• Sri Vijayalakshmi Nagar: Rs 770 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 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total cost for these fees to Rs 49,500. It is important to 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 Vasantham Avenue?

The Sub Registrar Office that covers Vasantham Avenue is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Alamathi. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these costs are based on the official valuation rather than the negotiated sale price.

When a property is registered, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This process helps maintain transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Vasantham Avenue?

The current guideline value of Vasantham Avenue is Rs 550 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 19 per sq.ft in 2003 to Rs 550 per sq.ft in 2024, with various increases and decreases recorded in between.

What is the classification of land in Vasantham Avenue?

Vasantham Avenue is classified as Residential Class II Type - I, indicating its use for residential purposes.

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

For a 1,000 sq.ft property, the total guideline value is Rs 5,50,000. The stamp duty is Rs 38,500, and the registration fee is Rs 11,000, totaling Rs 49,500 for these fees.

Which office handles registrations for Vasantham Avenue?

The Redhills Sub Registrar Office handles registrations for Vasantham Avenue, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.