Guideline Value for Abdul Razak Street

Abdul Razak Street guideline value

The current guideline value of Abdul Razak Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Tambaram village and falls under the Tambaram Joint 1 SRO. The land classification for this street is Commercial Class I Type - II.

How the guideline value of Abdul Razak Street has changed

The guideline value for Abdul Razak Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 542 per sq.ft. It increased to Rs 667 per sq.ft in 2003, marking a 23% rise. The value then experienced a significant jump to Rs 2,500 per sq.ft in 2007, which was a 275% increase. Following this, the 2012 revision saw a decrease to Rs 6,000 per sq.ft, reflecting a 140% increase from the previous figure. The 2017 revision brought it down further to Rs 4,020 per sq.ft, a reduction of 33%. In 2023, the guideline value rose to Rs 6,000 per sq.ft, and the most recent revision in 2024 set it at Rs 6,600 per sq.ft, which is a 10% increase from the previous year.

Overall, from the 2002 revision to the 2024 revision, the guideline value has increased by 1118%. There are no figures available for the revisions of years not listed in the register for this street.

Guideline values in Tambaram

In Tambaram village, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 8,250 per sq.ft. The median guideline value in this area is Rs 3,300 per sq.ft, placing Abdul Razak Street's 2024 figure above that median.

• Alagesan Street: Rs 6,600 per sq.ft (2024)
• Alamelupuram: Rs 3,300 per sq.ft (2024)
• Albin Nagar: Rs 2,200 per sq.ft (2024)
• Amal Nagar: Rs 2,200 per sq.ft (2024)
• Ambal Nagar: Rs 2,200 per sq.ft (2024)
• Ambedhkar Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Abdul Razak Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty, charged at 7%, amounts to Rs 4,62,000, while the registration fee at 2% is Rs 1,32,000. Together, the total charges would be 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 information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Abdul Razak Street?

The Sub Registrar Office that covers Abdul Razak Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor during the registration of property transactions in Tambaram. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property sales.

When buying or selling property, the guideline value helps determine the minimum value at which the property can be registered. This value is essential for both buyers and sellers to understand their financial obligations during the transaction process.

Frequently asked questions

What is the current guideline value of Abdul Razak Street?

The current guideline value of Abdul Razak 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 from Rs 542 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 1118% over the years.

What is the land classification for Abdul Razak Street?

Abdul Razak Street is classified as Commercial Class I Type - II, which is significant for determining its usage and potential development.

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

The stamp duty for property in Abdul Razak Street is 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total charges amount to Rs 5,94,000.

Which Sub Registrar Office covers Abdul Razak Street?

The Tambaram Joint 1 Sub Registrar Office covers Abdul Razak Street, located at No.26, Mes Road, East Tambaram, Chennai-600059.