Guideline Value for RAJA COLONY

Raja Colony guideline value

The current guideline value of Raja Colony, located in Mylapore village under the Mylapore SRO, is Rs 8,800 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - III.

How the guideline value of Raja Colony has changed

The guideline value of Raja Colony has undergone several revisions over the years. In 2002, the value was Rs 1,509 per sq.ft, which increased to Rs 1,676 per sq.ft in 2003, marking a change of +11%. The subsequent revision in 2007 saw a significant rise to Rs 1,750 per sq.ft, reflecting an increase of +4%. From 2007 to 2012, the value surged to Rs 8,000 per sq.ft, reflecting a notable increase of +357%. However, in 2017, the value dropped to Rs 5,360 per sq.ft, a decrease of -33%.

In 2023, the guideline value was revised to Rs 8,000 per sq.ft, and the latest revision in 2024 has set the value at Rs 8,800 per sq.ft, which is an increase of +10%. Overall, from 2002 to 2024, the guideline value has increased by +483%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, which matches the guideline value of Raja Colony.

• RAJA ANNAMALAIPURAM EAST (Mandavelipakkam to Circle Road): Rs 17,600 per sq.ft (2024)
• Raja Annamalaipuram 14th Cross Street: Rs 17,600 per sq.ft (2024)
• Raja Annamalaipuram 13th Cross Street: Rs 17,600 per sq.ft (2024)
• Raja Annamalaipuram 12th Cross Street: Rs 17,600 per sq.ft (2024)
• Raja Annamalaipuram 11th Cross Street: Rs 17,600 per sq.ft (2024)
• Raghava Thottam Main Road: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Raja Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total charges to Rs 7,92,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Raja Colony?

The Raja Colony area falls under the Mylapore Sub Registrar Office, located at No: 5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, 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 the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Raja Colony?

The current guideline value of Raja Colony is Rs 8,800 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 1,509 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of +483% over the years.

What is the land classification for Raja Colony?

The land classification for Raja Colony is Residential Class III Type - III, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in Raja Colony?

For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000, and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000.

Where is the Sub Registrar Office for Raja Colony located?

The Mylapore Sub Registrar Office, which covers Raja Colony, is located at No: 5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.