Guideline Value for RAJASEKARAN 1ST STREET

Rajasekaran 1st Street guideline value

The current guideline value of Rajasekaran 1st Street is Rs 13,200 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class II Type - I.

How the guideline value of Rajasekaran 1st Street has changed

The guideline value for Rajasekaran 1st Street has seen significant changes over the years. In the 2002 revision, the value was Rs 1,219 per sq.ft. This increased to Rs 1,354 per sq.ft in 2003, marking an 11% rise. The value then saw a 14% increase to Rs 1,540 per sq.ft in 2007. By 2012, the guideline value remained at Rs 12,000 per sq.ft, reflecting no change from the previous revision. The 2023 revision also recorded a value of Rs 12,000 per sq.ft, maintaining the same rate as in 2012. However, in the 2024 revision, the value rose by 10% to reach Rs 13,200 per sq.ft.

Overall, from 2002 to 2024, the guideline value has increased by 983%. The register has no figure for this street in the 2017 revision.

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, with a median value of Rs 8,800 per sq.ft. Rajasekaran 1st Street's 2024 guideline value is above this median.

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

Stamp duty and registration fee for property in Rajasekaran 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value amounts to Rs 1,32,00,000. The stamp duty at 7% would be Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, bringing the total to Rs 11,88,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajasekaran 1st Street?

The Sub Registrar Office that covers Rajasekaran 1st Street is 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 factor in the registration process when buying or selling property in Mylapore. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the transaction is recorded at a value that reflects the government’s assessment of the property’s worth.

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions, regardless of fluctuations in market prices.

Frequently asked questions

What is the current guideline value of Rajasekaran 1st Street?

The current guideline value of Rajasekaran 1st Street is Rs 13,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased significantly from Rs 1,219 per sq.ft in 2002 to Rs 13,200 per sq.ft in 2024, reflecting an overall increase of 983% over this period.

What is the land classification of Rajasekaran 1st Street?

Rajasekaran 1st Street is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Rajasekaran 1st Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 1,32,00,000, the total stamp duty and registration fees would amount to Rs 11,88,000.