Guideline Value for ABDUL RAZACK 1ST STREET

Abdul Razack 1st Street guideline value

The current guideline value of Abdul Razack 1st Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Saidapet village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Abdul Razack 1st Street has changed

The guideline value for Abdul Razack 1st Street has seen several revisions over the years. Starting from the 2002 revision, the value was set at Rs 744 per sq.ft. This increased significantly to Rs 1,513 per sq.ft in 2003, marking a rise of 103%. The value then experienced a substantial increase of 297%, reaching Rs 6,000 per sq.ft in 2012. However, it decreased by 33% to Rs 4,020 per sq.ft in 2017. Following this, the value rose by 49% to Rs 6,000 per sq.ft in 2023, and finally increased by 10% to the current rate of Rs 6,600 per sq.ft in 2024. Notably, there is no figure available for the 2007 revision for this street.

Overall, from the 2002 revision to the 2024 revision, the guideline value has increased by 787%. This reflects the various changes in the guideline values over the years, indicating a significant upward trend in the valuation of the property.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, positioning Abdul Razack 1st Street's 2024 figure above this median.

• Abdul Razack 2nd Street: Rs 6,600 per sq.ft (2024)
• Abdul Razack Sahin Street (Anna Nagar): Rs 6,600 per sq.ft (2024)
• Abdul Razack Street: Rs 6,600 per sq.ft (2024)
• Abith Colony: Rs 4,400 per sq.ft (2024)
• Alandur Road: Rs 6,050 per sq.ft (2024)
• Amma Kannammal Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Abdul Razack 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total cost together to Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Abdul Razack 1st Street?

The Sub Registrar Office that covers Abdul Razack 1st Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Saidapet. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is essential for calculating the stamp duty and registration fees that are applicable during the transaction.

When a property is sold, the buyer and seller must ensure that the sale price meets or exceeds the guideline value to avoid any legal issues during registration. The registration office uses the guideline value to assess the property and determine the applicable fees, ensuring a transparent process for all parties involved.

Frequently asked questions

What is the current guideline value of Abdul Razack 1st Street?

The current guideline value of Abdul Razack 1st Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 744 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 787% over the years.

What is the land classification for Abdul Razack 1st Street?

Abdul Razack 1st Street is classified as Residential Special Type - I.

What are the stamp duty and registration fees for properties in this area?

For a 1,000 sq.ft property at the current guideline value, the total stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Which office handles registrations for Abdul Razack 1st Street?

The Chennai South Joint II Sub Registrar Office handles registrations for Abdul Razack 1st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.