Guideline Value for RAGAVA IYER 1 AND 2ND STREET

Ragava Iyer 1 And 2nd Street guideline value

The current guideline value for Ragava Iyer 1 And 2nd Street is Rs 2,970 per sq.ft, effective from 1 July 2024. This street is located in Hastinapuram village under the Pallavaram SRO, and it falls under the Residential Class I Type - I land classification.

How the guideline value of Ragava Iyer 1 And 2nd Street has changed

The guideline value for Ragava Iyer 1 And 2nd Street has seen several revisions over the years. The earliest recorded revision is from 2012, which set the value at Rs 2,700 per sq.ft. In 2017, this figure decreased to Rs 1,809 per sq.ft, marking a decline of 33%. However, the value rebounded significantly in the following revisions, reaching Rs 2,700 per sq.ft in 2023 and then increasing to Rs 2,970 per sq.ft in 2024, which is a 10% increase from the previous year.

Between 2017 and 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median value for these streets is Rs 2,970 per sq.ft, which is equal to the current guideline value of Ragava Iyer 1 And 2nd Street.

• Ragavayar Street: Rs 2,970 per sq.ft (2024)
• Raghava Nagar: Rs 2,970 per sq.ft (2024)
• Purusothaman Nagar 5th Main Road: Rs 4,400 per sq.ft (2024)
• Purusothaman Nagar 4th Main Road: Rs 4,400 per sq.ft (2024)
• Purusothaman Nagar 4th Cross 2nd Street: Rs 4,400 per sq.ft (2024)
• Purusothaman Nagar 4th Cross 1st Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Ragava Iyer 1 And 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value would be Rs 29,70,000. The stamp duty at 7% would amount to Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, making the total cost for these fees Rs 2,67,300. 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 Ragava Iyer 1 And 2nd Street?

The Sub Registrar Office that covers Ragava Iyer 1 And 2nd 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 for more information.

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

The guideline value is a crucial factor when registering property transactions in Hastinapuram. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value for Ragava Iyer 1 And 2nd Street?

The current guideline value for Ragava Iyer 1 And 2nd Street is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,700 per sq.ft in 2023 to Rs 2,970 per sq.ft in 2024, which is a 10% increase. From 2017 to 2023, it increased by 49%, while it decreased from Rs 2,700 per sq.ft in 2012 to Rs 1,809 per sq.ft in 2017.

What is the land classification for Ragava Iyer 1 And 2nd Street?

Ragava Iyer 1 And 2nd Street is classified as Residential Class I Type - I. This classification is important for determining the permissible uses of the land.

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

The Sub Registrar Office covering Ragava Iyer 1 And 2nd Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044. This office handles property registrations in the Chengalpattu registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 29,70,000, the stamp duty would be Rs 2,07,900, and the registration fee would be Rs 59,400.