Guideline Value for RAJENDRAN PRASATH STREET

Rajendran Prasath Street guideline value

The current guideline value of Rajendran Prasath Street is Rs 1,870 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Rajendran Prasath Street has changed

The guideline value for Rajendran Prasath Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,700 per sq.ft, which was then reduced to Rs 1,139 per sq.ft in the 2017 revision. The 2023 revision increased the value to Rs 1,700 per sq.ft, and the current 2024 revision has raised it further to Rs 1,870 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. However, from 2012 to 2017, there was a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Rajendran Prasath Street's 2024 figure below that median.

• 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)
• Rajiv Gandhi 3rd Street: Rs 2,200 per sq.ft (2024)
• Rajiv Gandhi 4th Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Rajendran Prasath Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the total guideline value amounts to Rs 18,70,000. The stamp duty at 7% would be Rs 1,30,900, and the registration fee at 2% would be Rs 37,400, leading to a total of Rs 1,68,300. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Rajendran Prasath Street?

Rajendran Prasath 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 plays a crucial role when buying or selling property in Medavakkam. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the sale price of the property.

When a property transaction takes place, the guideline value ensures that the government receives the appropriate revenue from the transaction. It serves as a benchmark for property transactions and helps maintain transparency in the real estate market.

Frequently asked questions

What is the current guideline value of Rajendran Prasath Street?

The current guideline value of Rajendran Prasath Street is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,700 per sq.ft in 2023 to Rs 1,870 per sq.ft in 2024, marking a 10% increase. It was Rs 1,139 per sq.ft in 2017 and Rs 1,700 per sq.ft in 2012, showing a significant increase of 49% from 2017 to 2023.

What is the stamp duty for property in Rajendran Prasath Street?

The stamp duty for property in Rajendran Prasath Street is 7% of the guideline value or sale price, whichever is higher. For example, for a property valued at Rs 18,70,000, the stamp duty would be Rs 1,30,900.

Which office handles registrations for Rajendran Prasath Street?

The registrations for Rajendran Prasath Street are 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.

What is the land classification for Rajendran Prasath Street?

Rajendran Prasath Street is classified as Residential Class III Type - I, which indicates its suitability for residential development.