Guideline Value for RAKKIAPPA 1ST LANE

Rakkiappa 1st Lane guideline value

The current guideline value of Rakkiappa 1st Lane is Rs 8,200 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 IV Type - I.

How the guideline value of Rakkiappa 1st Lane has changed

The guideline value for Rakkiappa 1st Lane has seen several revisions over the years. The 2007 revision set the value at Rs 1,540 per sq.ft, which significantly increased to Rs 7,500 per sq.ft in both the 2012 and 2023 revisions. However, there was no figure available for the years 2002, 2003, or 2017 in the register for this street.

As of the latest 2024 revision, the guideline value has risen to Rs 8,200 per sq.ft, reflecting a 9% increase from the 2023 figure. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 432%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, positioning Rakkiappa 1st Lane's 2024 figure below that median.

• Rakkiappa 2nd Lane: Rs 8,200 per sq.ft (2024)
• Rakkippa Street: Rs 9,300 per sq.ft (2024)
• Ramachandra Road: Rs 14,300 per sq.ft (2024)
• Ramakrishna Main Road: Rs 11,500 per sq.ft (2024)
• RAMAKRISHNA MUTT ROAD (Luz Church Road to Venkatesa Agraharam): Rs 15,400 per sq.ft (2024)
• RAMAKRISHNA MUTT ROAD (Venkatesa Iyar Road to Greenways Road): Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in Rakkiappa 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value amounts to Rs 82,00,000. The stamp duty at 7% would be Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000, bringing the total fees together to Rs 7,38,000. 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 Rakkiappa 1st Lane?

The Sub Registrar Office covering Rakkiappa 1st Lane 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 the registration process when buying or selling property in Mylapore. It is used to determine the stamp duty and registration fees that are applicable during the transaction.

When a property is registered, the duty is calculated based on the higher of the guideline value or the sale price. This ensures that the registration reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Rakkiappa 1st Lane?

The current guideline value of Rakkiappa 1st Lane is Rs 8,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,540 per sq.ft in 2007 to Rs 8,200 per sq.ft in 2024, marking a total increase of 432% over the years.

What is the stamp duty rate for properties in Rakkiappa 1st Lane?

The stamp duty rate for properties in Rakkiappa 1st Lane is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Rakkiappa 1st Lane?

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

What is the median guideline value for streets in Mylapore?

The median guideline value for streets in Mylapore is Rs 8,800 per sq.ft, which means Rakkiappa 1st Lane's 2024 figure is below this median.