Guideline Value for RAJA STREET

Raja Street guideline value

The current guideline value of Raja Street in Villivakkam village, under the Villivakkam SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class IV Type - II land classification.

How the guideline value of Raja Street has changed

The guideline value of Raja Street has undergone several revisions over the years. In 2002, the register recorded a value of Rs 443 per sq.ft. This increased to Rs 505 per sq.ft in 2003, marking a rise of 14%. The value saw significant growth in the following years, reaching Rs 1,450 per sq.ft in 2007, which was an increase of 187%. By 2012, the value was recorded at Rs 3,000 per sq.ft, reflecting a decrease of 33% from the previous revision. The value then remained the same in 2012 and 2023, before rising to Rs 3,300 per sq.ft in 2024, which is a 10% increase from 2023.

From 2017 to 2023, the value increased from Rs 2,010 per sq.ft to Rs 3,000 per sq.ft, representing a significant rise of 49%. Overall, from 2002 to 2024, the guideline value of Raja Street has increased by 645%. There are no figures available for revisions in years not listed in the register.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,900 per sq.ft, placing Raja Street's 2024 figure below that median.

• Ramakrishnapuram: Rs 3,300 per sq.ft (2024)
• Radhakrishna Street: Rs 3,300 per sq.ft (2024)
• Reddy Street: Rs 3,300 per sq.ft (2024)
• PONVIZHA NAGAR 5th STREET: Rs 4,400 per sq.ft (2024)
• PONVIZHA NAGAR 4th STREET: Rs 4,400 per sq.ft (2024)
• Ponvizha Nagar 3rd Street: Rs 4,400 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 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty, charged at 7%, would be Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration fee would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Raja Street?

The Sub Registrar Office that covers 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 Villivakkam

The guideline value plays a crucial role in property transactions in Villivakkam. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid. It ensures that the property is valued fairly according to the government’s assessment.

At the time of registration, the buyer is required to pay stamp duty based on the guideline value or the sale price, whichever is higher. This helps in maintaining transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value of Raja Street?

The current guideline value of Raja Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 443 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 645% over the years.

What is the land classification of Raja Street?

Raja Street is classified as Residential Class IV Type - II, which is relevant for determining the guideline value and property usage.

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

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations for Raja Street?

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