Guideline Value for Water Works Avenue

Water Works Avenue guideline value

The current guideline value for Water Works Avenue is Rs 8,300 per sq.ft, effective from 1 July 2024. This street is located in Egmore village under the Periamet SRO and is classified as Residential Class I Type - III.

How the guideline value of Water Works Avenue has changed

Over the years, the guideline value of Water Works Avenue has seen significant changes. The earliest recorded revision was in 2002, where the guideline value was Rs 953 per sq.ft. This figure increased to Rs 1,051 per sq.ft in 2003, marking a 10% rise. The value further rose to Rs 2,000 per sq.ft in 2007, indicating a substantial increase of 90% from the previous revision. In 2012, the value was recorded at Rs 7,600 per sq.ft, reflecting a 280% increase from 2007. However, the guideline value decreased by 33% to Rs 5,092 per sq.ft in 2017.

In 2023, the guideline value was revised to Rs 7,600 per sq.ft, which remained unchanged from the 2012 figure. The most recent revision in 2024 saw the guideline value rise to Rs 8,300 per sq.ft, representing a 9% increase from 2023. Overall, from 2002 to 2024, the guideline value has increased by 771%.

Guideline values in Egmore

In the Egmore village, there are 465 streets under the Periamet SRO that have a 2024 guideline value ranging from Rs 2,800 to Rs 22,000 per sq.ft. The median value is Rs 7,100 per sq.ft, placing Water Works Avenue's 2024 figure above this median.

• V.R.R.Colony: Rs 3,900 per sq.ft (2024)
• Whannels salai: Rs 18,100 per sq.ft (2024)
• Vivekandan road: Rs 4,900 per sq.ft (2024)
• Vilayattu thidal street: Rs 7,100 per sq.ft (2024)
• Victoria Cresent Road(a)Dr.Cherian Road: Rs 15,000 per sq.ft (2024)
• Venugopal Pillai street: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Water Works Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 8,300 per sq.ft, the total guideline value would be Rs 83,00,000. The stamp duty at 7% would amount to Rs 5,81,000, and the registration fee at 2% would be Rs 1,66,000, bringing the total cost for these fees to Rs 7,47,000. It is important to note that 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 Water Works Avenue?

The Sub Registrar Office covering Water Works Avenue is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Egmore. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Water Works Avenue?

The current guideline value of Water Works Avenue is Rs 8,300 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 953 per sq.ft in 2002 to Rs 8,300 per sq.ft in 2024, reflecting an overall increase of 771% over this period.

What is the land classification for Water Works Avenue?

Water Works Avenue is classified as Residential Class I Type - III under the Periamet SRO.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 83,00,000. The stamp duty would be Rs 5,81,000 and the registration fee would be Rs 1,66,000, totaling Rs 7,47,000.

Which office handles property registrations for Water Works Avenue?

The Periamet Sub Registrar Office at 1103, Poonamallee High Road, Chennai-600 003 handles property registrations for Water Works Avenue.