Guideline Value for Abdul Rasak Street

Abdul Rasak Street guideline value

The current guideline value of Abdul Rasak Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Issa Pallavaram village, under the Pallavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Abdul Rasak Street has changed

The guideline value for Abdul Rasak Street has seen significant changes over the years. In the 2003 revision, the guideline value was Rs 267 per sq.ft. This figure increased to Rs 600 per sq.ft in 2007, marking a substantial rise of 125%. The value then jumped dramatically to Rs 3,500 per sq.ft in 2012, reflecting an increase of 483%. However, in the 2017 revision, it decreased to Rs 2,345 per sq.ft, a drop of 33%. The value rose again to Rs 3,500 per sq.ft in 2023, and finally increased to Rs 3,850 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 1342%. It is important to note that there is no figure available for the year 2002 in the register for this street.

Guideline values in Issa Pallavaram

In Issa Pallavaram, there are 110 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Abdul Rasak Street is above this median.

• Abdul Rasak Back Street: Rs 3,300 per sq.ft (2024)
• Abdul Farooq Shahib Street: Rs 4,400 per sq.ft (2024)
• Abdul Farooq Shahib 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Abdul Farooq Shahib 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Abdulbarook Sahib Street: Rs 4,400 per sq.ft (2024)
• Abdulbarook Sahib 3rd Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Abdul Rasak Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees together to Rs 3,46,500. 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 Abdul Rasak Street?

The Sub Registrar Office that covers Abdul Rasak Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO online for more information.

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

When buying or selling property in Issa Pallavaram, the guideline value plays a crucial role in determining the applicable stamp duty and registration fees. The guideline value serves as a benchmark for property transactions and is used by the registration office to assess the fees due at the time of registration.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements during property transactions. The registration process requires that the property be registered at or above the guideline value to avoid any discrepancies.

Frequently asked questions

What is the current guideline value of Abdul Rasak Street?

The current guideline value of Abdul Rasak Street is Rs 3,850 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 267 per sq.ft in 2003 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 1342% over this period.

What are the stamp duty and registration fees for property in Abdul Rasak Street?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which Sub Registrar Office is responsible for Abdul Rasak Street?

The Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, is responsible for Abdul Rasak Street.

What is the land classification for Abdul Rasak Street?

Abdul Rasak Street is classified as Residential Class I Type - I, indicating its suitability for residential development.