Guideline Value for RAJASEKARAN 2ND STREET

Rajasekaran 2nd Street guideline value

The current guideline value of Rajasekaran 2nd 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 2nd Street has changed

The guideline value for Rajasekaran 2nd Street has seen significant changes over the years. In 2002, the value was Rs 1,219 per sq.ft, which increased to Rs 1,354 per sq.ft in 2003, marking an 11% rise. The value continued to rise to Rs 1,540 per sq.ft in 2007, reflecting a 14% increase. A substantial jump occurred in 2012, with the guideline value reaching Rs 12,000 per sq.ft, representing a 679% increase from the previous revision.

However, from 2012 to 2017, the value decreased to Rs 8,040 per sq.ft, indicating a decline of 33%. The guideline value then increased to Rs 12,000 per sq.ft in 2023, a rise of 49%. The most recent revision in 2024 set the value at Rs 13,200 per sq.ft, marking a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 983%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO, with guideline values for 2024 ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, placing Rajasekaran 2nd Street's 2024 figure above this median.

• Rajasekaran 1st Street: Rs 13,200 per sq.ft (2024)
• Rajasekaran 1st Lane: 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value would be Rs 1,32,00,000. The stamp duty at 7% would amount to Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, totaling Rs 11,88,000. It is important to note that the 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 2nd Street?

The Sub Registrar Office that covers Rajasekaran 2nd 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 an essential factor in the registration of property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both parties understand the financial implications of the transaction. Buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price, which can significantly influence the overall cost of the property transaction.

Frequently asked questions

What is the current guideline value of Rajasekaran 2nd Street?

The current guideline value of Rajasekaran 2nd Street is Rs 13,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

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

What is the land classification for Rajasekaran 2nd Street?

Rajasekaran 2nd Street is classified as Residential Class II Type - I.

Where can I find the Mylapore Sub Registrar Office?

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 properties in Mylapore?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 1,32,00,000, the stamp duty would be Rs 9,24,000 at a rate of 7%.