Guideline Value for RAJA STREET

Raja Street guideline value

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

How the guideline value of Raja Street has changed

Since the 2002 revision, the guideline value for Raja Street has seen significant changes. In 2002, the value was Rs 1,044 per sq.ft, which increased to Rs 1,160 per sq.ft in 2003, marking an increase of 11%. The value then surged dramatically to Rs 8,500 per sq.ft in 2012, representing a 633% increase. However, it dropped to Rs 5,695 per sq.ft in 2017, a decrease of 33%. The value rose again to Rs 8,500 per sq.ft in 2023, before reaching the current value of Rs 9,300 per sq.ft in 2024, which is a 9% increase from the previous year.

Notably, there is no figure available for the year 2007 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 791%.

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 guideline value for these streets is Rs 8,800 per sq.ft, placing Raja Street's current value above this median.

• Rajasekaran Street: Rs 17,600 per sq.ft (2024)
• Raja Street Extension: Rs 9,300 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

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, and 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 and the sale price.

You can also use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Raja Street?

The Sub Registrar Office that covers Raja Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that these costs are based on a standardized valuation of the property.

When a property is sold, the buyer and seller must declare the sale price, which is then compared to the guideline value. The higher of the two figures is used to calculate the applicable stamp duty and registration fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Raja Street?

The current guideline value of Raja Street 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 over the years, with the value increasing from Rs 1,044 per sq.ft in 2002 to Rs 9,300 per sq.ft in 2024, marking an overall increase of 791%.

What is the land classification for Raja Street?

Raja Street is classified under Residential Class III Type - II, indicating its designation for residential purposes within the area.

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 the stamp duty calculated for property in Raja Street?

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