Guideline Value for RAJA STREET EXTENSION

Raja Street Extension guideline value

The current guideline value of Raja Street Extension is Rs 9,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO. The land classification for this area is Residential Class III Type - II.

How the guideline value of Raja Street Extension has changed

The guideline value for Raja Street Extension has seen significant changes over the years. In 2002, the value was Rs 1,075 per sq.ft, which increased to Rs 1,194 per sq.ft in 2003. There is no figure for this street in the 2007 revision. The value then rose to Rs 8,500 per sq.ft in 2012, before dropping to Rs 5,695 per sq.ft in 2017. The 2023 revision set the value at Rs 8,500 per sq.ft, which increased to the current rate of Rs 9,300 per sq.ft in 2024.

From 2017 to 2023, the value increased by 49%. However, from 2012 to 2017, there was a decrease of 33%. The jump from 2003 to 2012 was substantial at 612%, and from 2002 to 2003, the increase was 11%. Overall, from 2002 to 2024, the guideline value has increased by 765%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Raja Street Extension's current value above this median.

• Raja Street: Rs 9,300 per sq.ft (2024)
• Rajasekaran Street: Rs 17,600 per sq.ft (2024)
• Rajasekaran 2nd Street: Rs 13,200 per sq.ft (2024)
• Rajasekaran 1st Street: Rs 13,200 per sq.ft (2024)
• Rajasekaran 1st Lane: Rs 13,200 per sq.ft (2024)
• Raja Muthaiahpuram (Tnscb Fire Proof): Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Raja Street Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 9,300 per sq.ft, the total guideline value amounts to Rs 93,00,000. The stamp duty at 7% would be Rs 6,51,000, while the registration fee at 2% would be Rs 1,86,000, bringing the total to Rs 8,37,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your stamp duty and registration fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Raja Street Extension?

The Raja Street Extension is covered by 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 crucial aspect when buying or selling property in Mylapore, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

When a property is sold, the sale price and the guideline value are compared, and the higher amount is used for calculating 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 Street Extension?

The current guideline value of Raja Street Extension is Rs 9,300 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 1,075 per sq.ft in 2002 to Rs 9,300 per sq.ft in 2024, marking an overall increase of 765%.

What is the land classification for Raja Street Extension?

The land classification for Raja Street Extension is Residential Class III Type - II.

Where is the Mylapore Sub Registrar Office located?

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

How is stamp duty calculated for properties in Raja Street Extension?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 93,00,000, the stamp duty would be Rs 6,51,000 at 7%.