Guideline Value for West Avenue Road

West Avenue Road guideline value

The current guideline value of West Avenue Road in Kodungaiyur village, under the Madhavaram SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. This property falls under the Residential Class I Type - I land classification.

How the guideline value of West Avenue Road has changed

The guideline value for West Avenue Road has undergone several revisions over the years. In 2012, the value was set at Rs 2,500 per sq.ft. This figure decreased to Rs 1,675 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,500 per sq.ft in 2023, and further rose to Rs 2,700 per sq.ft in 2024, marking an 8% increase from the previous year.

From 2012 to 2024, the overall change in the guideline value is an increase of 8%. Notably, the jump from 2017 to 2023 was a substantial 49%, reflecting the fluctuations in property values over the years. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1318 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, which is equal to the current value of West Avenue Road.

• Water Tank Lane 5th Street: Rs 2,200 per sq.ft (2024)
• Water Tank Lane 4th Street: Rs 2,200 per sq.ft (2024)
• Water Tank Lane 3th Street: Rs 2,200 per sq.ft (2024)
• Water Tank Lane 2nd Street: Rs 2,200 per sq.ft (2024)
• Water Tank Lane 1st Street: Rs 2,200 per sq.ft (2024)
• V.V. Giri Street (Vivekananda Nagar): Rs 2,700 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 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, while the registration fee at 2% would be Rs 54,000, bringing the total cost to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers West Avenue Road?

The Sub Registrar Office that covers West Avenue Road is 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 Kodungaiyur

The guideline value is a crucial factor in property transactions in Kodungaiyur. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, both the buyer and seller must consider the guideline value, as it serves as a reference point for the transaction. This value is used to calculate the applicable duties and fees, making it essential for a smooth registration process.

Frequently asked questions

What is the current guideline value of West Avenue Road?

The current guideline value of West Avenue Road is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

What is the land classification for West Avenue Road?

West Avenue Road is classified as Residential Class I Type - I.

Where can I find the Madhavaram Sub Registrar Office?

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

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, for a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 at 7%.