Guideline Value for West Avenue Road

West Avenue Road guideline value

The current guideline value of West Avenue Road in Venkatapuram village, under the Adayar SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

How the guideline value of West Avenue Road has changed

The guideline value for West Avenue Road has undergone several revisions over the years. The earliest figure available is from 2002, which was Rs 1,105 per sq.ft. This increased to Rs 1,188 per sq.ft in 2003, marking a change of +8%. The value further rose to Rs 2,250 per sq.ft in 2007, reflecting an increase of +89%. In 2012, it dropped to Rs 4,000 per sq.ft, a decrease of -33%. By 2017, the value had risen again to Rs 2,680 per sq.ft, an increase of +49%. The 2023 revision set the value at Rs 4,000 per sq.ft, and the current revision in 2024 has increased it to Rs 4,400 per sq.ft, which is a change of +10%.

Overall, from 2002 to 2024, the guideline value has increased by +298%. There are no figures available for the revisions in the years not listed in the register for this street.

Guideline values in Venkatapuram

In Venkatapuram, there are 36 streets under the Adayar SRO that carry a 2024 guideline value, ranging from Rs 2,800 to Rs 15,400 per sq.ft. The median value for the area is Rs 5,500 per sq.ft, which means the guideline value for West Avenue Road is below that median.

• Vinayagar Koil Street: Rs 5,500 per sq.ft (2024)
• Venkatapuram Slum Residents: Rs 2,800 per sq.ft (2024)
• Velacheri Road (Between Sardar Patel Road & Anna Salai): Rs 10,500 per sq.ft (2024)
• Velacheri Road (Between Acquatic Complex & Sardarpatel Road): Rs 10,500 per sq.ft (2024)
• Thulasinga Chetty Street: Rs 2,800 per sq.ft (2024)
• Thamas Nagar: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in West Avenue Road

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, making the total charges Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers West Avenue Road?

The Sub Registrar Office that covers West Avenue Road is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Venkatapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, which are necessary for the legal transfer of property ownership. Buyers should be aware of the guideline value to understand the financial implications involved in their transactions.

Frequently asked questions

What is the current guideline value of West Avenue Road?

The current guideline value of West Avenue Road is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,105 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, with several revisions in between. Notable changes include an increase of +298% from 2002 to 2024.

What is the land classification for West Avenue Road?

The land classification for West Avenue Road is Residential Class III Type - I.

Where can I find the Adayar Sub Registrar Office?

The Adayar Sub Registrar Office is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

How is stamp duty calculated for properties in West Avenue Road?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 44,00,000 would incur a stamp duty of Rs 3,08,000 at a rate of 7%.