Guideline Value for RAKKIAPPA 2ND LANE

Rakkiappa 2nd Lane guideline value

The current guideline value of Rakkiappa 2nd Lane is Rs 8,200 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Rakkiappa 2nd Lane has changed

The guideline value for Rakkiappa 2nd Lane has undergone several revisions over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 1,540 per sq.ft. This value saw a significant increase to Rs 7,500 per sq.ft in the 2012 revision, which remained unchanged until the 2023 revision. In 2023, the guideline value was Rs 7,500 per sq.ft, and it increased to Rs 8,200 per sq.ft in the 2024 revision, marking a 9% rise.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 432%. Notably, there are no figures available for the years 2002, 2003, and 2017 in the register for this street.

Guideline values in Mylapore

Mylapore village features a total of 883 streets under the Mylapore SRO, with guideline values 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 Rakkiappa 2nd Lane's 2024 figure below this median.

• Rakkiappa 1st 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 2nd 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. 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 Rakkiappa 2nd Lane?

The Sub Registrar Office that covers Rakkiappa 2nd Lane is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. For more information, you can find your SRO.

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 is used to determine the stamp duty and registration fees applicable during the sale or purchase of a property. Buyers and sellers must be aware of the current guideline value to ensure accurate calculations of their financial obligations.

When registering a property, the guideline value serves as a benchmark for the minimum value of the property, ensuring that the transaction is recorded at a value that reflects the prevailing market conditions. This helps maintain transparency and consistency in property dealings.

Frequently asked questions

What is the current guideline value of Rakkiappa 2nd Lane?

The current guideline value of Rakkiappa 2nd 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, reflecting an overall increase of 432% over the years.

What are the other streets in Mylapore with their guideline values?

Other streets in Mylapore include Rakkiappa 1st Lane at Rs 8,200 per sq.ft, Rakkippa Street at Rs 9,300 per sq.ft, and Ramachandra Road at Rs 14,300 per sq.ft, among others.

What fees are associated with buying property in Rakkiappa 2nd Lane?

When buying property in Rakkiappa 2nd Lane, the fees include a stamp duty of 7% and a registration fee of 2%, calculated based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Rakkiappa 2nd Lane located?

The Sub Registrar Office for Rakkiappa 2nd Lane is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.