Guideline Value for DIWAN RAMA IYENGAR ROAD LANE

Diwan Rama Iyengar Road Lane guideline value

The current guideline value of Diwan Rama Iyengar Road Lane is Rs 9,900 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Special Type - IV.

How the guideline value of Diwan Rama Iyengar Road Lane has changed

The guideline value for Diwan Rama Iyengar Road Lane has undergone several revisions over the years. The earliest recorded figure is from 2007, where it was Rs 2,800 per sq.ft. This figure increased significantly to Rs 9,000 per sq.ft in 2012, marking a 221% rise. However, it then decreased to Rs 6,030 per sq.ft in 2017, reflecting a 33% drop. From 2017 to 2023, the value rose sharply to Rs 9,000 per sq.ft, an increase of 49%. The most recent revision in 2024 set the guideline value at Rs 9,900 per sq.ft, a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 254%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft, with a median value of Rs 5,500 per sq.ft. Diwan Rama Iyengar Road Lane's 2024 figure of Rs 9,900 per sq.ft is above this median.

• Diwan Rama Iyengar Road: Rs 9,800 per sq.ft (2024)
• Diwan Bahadur Shanmugam Road 2nd Street: Rs 9,900 per sq.ft (2024)
• Diwan Bahadur Shanmugam Road 1st Street: Rs 9,900 per sq.ft (2024)
• Diwan Bahadur Shanmugam Road: Rs 9,900 per sq.ft (2024)
• Dolly Street: Rs 6,000 per sq.ft (2024)
• Dharmaraja Koil Street: Rs 6,500 per sq.ft (2024)

Stamp duty and registration fee for property in Diwan Rama Iyengar Road Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the total guideline value would be Rs 99,00,000. The stamp duty at 7% would amount to Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, bringing the total to Rs 8,91,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Diwan Rama Iyengar Road Lane?

The Sub Registrar Office that covers Diwan Rama Iyengar Road Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Purasaivakkam. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that all transactions are in compliance with local regulations.

When registering a property, buyers should be aware that the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Diwan Rama Iyengar Road Lane?

The current guideline value of Diwan Rama Iyengar Road Lane is Rs 9,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 2,800 per sq.ft in 2007 to Rs 9,900 per sq.ft in 2024, which is a total increase of 254% over the years.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in this area is charged at a rate of 7% on the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Diwan Rama Iyengar Road Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is the guideline value used in property registration?

The guideline value is used to determine the minimum registration value for properties and is essential for calculating the applicable stamp duty and registration fees during property transactions.