Guideline Value for Vijay Avenue

Vijay Avenue guideline value

The current guideline value of Vijay Avenue is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Vijay Avenue has changed

The guideline value for Vijay Avenue has seen significant changes over the years. The 2017 revision recorded a value of Rs 1,340 per sq.ft. With the latest revision in 2024, the value increased to Rs 2,200 per sq.ft, marking a change of +64% from the 2017 figure.

It is important to note that the register has no figures for the years 2023, 2012, 2007, 2003, and 2002 for this street. Therefore, the only revisions available are from 2017 and 2024.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO that have a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value of Vijay Avenue is below this median.

• Vijaya Nagar Ponniamman Koil Street: Rs 2,200 per sq.ft (2024)
• Vignesh Avenue, Ramurthy Nagar: Rs 2,750 per sq.ft (2024)
• Vidhyasurabi School Street: Rs 2,200 per sq.ft (2024)
• Vidhya Nagar: Rs 2,750 per sq.ft (2024)
• Vishaal Nagar: Rs 2,200 per sq.ft (2024)
• Vishaal Nagar Extn: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vijay Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more accurate calculations based on your specific property details.

Which Sub Registrar Office covers Vijay Avenue?

The Sub Registrar Office that covers Vijay Avenue is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role during the registration process of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the current guideline value as it directly impacts the financial aspects of the transaction. Buyers and sellers should ensure that the sale price is not below the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Vijay Avenue?

The current guideline value of Vijay Avenue is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft, which is a change of +64%.

Are there any years where the guideline value is not available for Vijay Avenue?

Yes, the register has no figures for the years 2023, 2012, 2007, 2003, and 2002 for Vijay Avenue.

What is the median guideline value for streets in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft, which is higher than the current value of Vijay Avenue.

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

The Velacheri Sub Registrar Office covers Vijay Avenue and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.