Guideline Value for RAJASEKARAN STREET

Rajasekaran Street guideline value

The current guideline value of Rajasekaran Street is Rs 17,600 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Special Type - III.

How the guideline value of Rajasekaran Street has changed

The guideline value for Rajasekaran Street has seen significant changes over the years. In 2002, the value was Rs 1,391 per sq.ft, which increased to Rs 1,545 per sq.ft in 2003, marking an 11% rise. By 2007, the value further increased to Rs 1,750 per sq.ft, reflecting a 13% change. The most notable jump occurred between 2007 and 2012, where the value surged to Rs 16,000 per sq.ft, an increase of 814%. The latest revision in 2024 shows a guideline value of Rs 17,600 per sq.ft, which is a 10% increase from the 2012 figure.

It is important to note that the register does not have figures for the years 2017 and 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by 1165%, highlighting the significant changes in valuation over the years.

Guideline values in Mylapore

In Mylapore village, 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. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Rajasekaran Street's 2024 value above this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 17,600 per sq.ft, the total guideline value would be Rs 1,76,00,000. The stamp duty at 7% would amount to Rs 12,32,000, and the registration fee at 2% would be Rs 3,52,000, bringing the total to Rs 15,84,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Rajasekaran Street?

The Sub Registrar Office covering Rajasekaran 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 plays a crucial role in property transactions in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property. The guideline value is used to ensure that the transaction is registered at a fair value, which helps in maintaining transparency in property dealings.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the true value of real estate in the area.

Frequently asked questions

What is the current guideline value of Rajasekaran Street?

The current guideline value of Rajasekaran Street is Rs 17,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,391 per sq.ft in 2002 to Rs 17,600 per sq.ft in 2024, marking an overall increase of 1165% over this period.

What is the land classification of Rajasekaran Street?

Rajasekaran Street is classified as Residential Special Type - III under the Mylapore SRO.

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 Rajasekaran Street?

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 1,76,00,000, the stamp duty would be Rs 12,32,000 at 7%.