Guideline Value for RAJARAM STREET

Rajaram Street guideline value

The current guideline value of Rajaram Street in Medavakkam village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Commercial Class I Type - III.

How the guideline value of Rajaram Street has changed

The guideline value for Rajaram Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then reduced to Rs 1,675 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,500 per sq.ft in the 2023 revision, and most recently, it has risen to Rs 2,750 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from the 2012 revision to the current 2024 value, there has been a 10% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. Rajaram Street's 2024 guideline value of Rs 2,750 per sq.ft is above this median.

• Raja Nagar /Avenue Nayagam Street: Rs 2,200 per sq.ft (2024)
• Rajendran Prasath Street: Rs 1,870 per sq.ft (2024)
• Rajiv Gandhi 1st Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi 2nd Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi 3rd Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Rajaram Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajaram Street?

Rajaram Street is covered by the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction. Buyers and sellers should be aware that the guideline value may differ from the actual sale price.

When a property is sold, the registration office will assess the guideline value to ensure that the appropriate fees are collected. This value is used to protect both the buyer and the seller by ensuring that the transaction is recorded accurately and fairly.

Frequently asked questions

What is the current guideline value of Rajaram Street?

The current guideline value of Rajaram Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification for Rajaram Street?

Rajaram Street is classified as Commercial Class I Type - III under the Chennai South Joint I SRO.

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

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles the registration for Rajaram Street?

The registration for Rajaram Street is handled by the Chennai South Joint I Sub Registrar Office located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.