Guideline Value for RAJA STREET

Raja Street guideline value

The current guideline value of Raja Street in Padi village, under the Villivakkam SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class IV Type - III.

How the guideline value of Raja Street has changed

The guideline value for Raja Street has seen several revisions over the years. In the 2002 revision, the value was Rs 416 per sq.ft. This increased to Rs 470 per sq.ft in 2003, marking a change of +13%. The 2007 revision saw a significant jump to Rs 900 per sq.ft, which was an increase of +91% from the previous year. The value then rose to Rs 2,700 per sq.ft in the 2012 revision, reflecting a change of +200% from 2007. However, from 2012 to 2017, the value decreased by -33% to Rs 1,809 per sq.ft. The 2023 revision set the value at Rs 2,700 per sq.ft, and the latest 2024 revision increased it by +4% to Rs 2,800 per sq.ft.

The overall change from 2002 to 2024 shows a remarkable increase of +573% in the guideline value for Raja Street.

Guideline values in Padi

In Padi, there are 354 streets under the Villivakkam SRO, with 2024 guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 3,800 per sq.ft, indicating that Raja Street's current value is below this median.

• Radial House Block No.9 To 50: Rs 3,800 per sq.ft (2024)
• Radial House Block No.8 (Plot No's.1 & 12 To 16): Rs 9,900 per sq.ft (2024)
• Radial House Block No.7 (Plot No's.1 & 12 To 16): Rs 9,900 per sq.ft (2024)
• Radial House Block No.6 (Plot No's.1 & 12 To 16): Rs 9,900 per sq.ft (2024)
• Radial House Block No.5 (Plot No's.1 & 12 To 16): Rs 9,900 per sq.ft (2024)
• Radial House Block No.4 (Plot No's.1 & 12 To 16): Rs 9,900 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 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, leading to a total of Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Raja Street?

The Sub Registrar Office covering Raja Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur EB Office. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Padi. It is used to determine the stamp duty and registration fees applicable to the property being bought or sold. Buyers and sellers need to be aware of the guideline value to ensure compliance with the registration process.

When a property is sold, the guideline value is considered to ascertain the minimum value for which the property can be registered. This ensures that the transaction reflects a fair value as per the government’s assessment.

Frequently asked questions

What is the current guideline value of Raja Street?

The current guideline value of Raja Street is Rs 2,800 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 416 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, marking an overall increase of +573%.

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

For a 1,000 sq.ft plot at Rs 2,800 per sq.ft, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Which office handles property registrations for Raja Street?

The Villivakkam Sub Registrar Office handles property registrations for Raja Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification for Raja Street?

The land classification for Raja Street is Residential Class IV Type - III, indicating its designation for residential use.