Guideline Value for RAKKIPPA STREET

Rakkippa Street guideline value

The current guideline value of Rakkippa Street is Rs 9,300 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 III Type - II.

How the guideline value of Rakkippa Street has changed

The guideline value for Rakkippa Street has seen several revisions over the years. The earliest recorded figure is from 2012, which was Rs 8,500 per sq.ft. This was followed by a decrease to Rs 5,695 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 8,500 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 set the value at Rs 9,300 per sq.ft, which is a 9% increase from the previous year’s figure of Rs 8,500 per sq.ft. Notably, there are no recorded figures for Rakkippa Street in the revisions from 2002, 2003, and 2007.

Guideline values in Mylapore

In Mylapore, there are 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 for these streets is Rs 8,800 per sq.ft, placing Rakkippa Street's 2024 figure above this median.

• Rakkiappa 2nd Lane: Rs 8,200 per sq.ft (2024)
• Rakkiappa 1st Lane: Rs 8,200 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 Rakkippa Street

For a 1,000 sq.ft plot at the current guideline value of Rs 9,300 per sq.ft, the total guideline value amounts to Rs 93,00,000. The stamp duty at 7% would be Rs 6,51,000, and the registration fee at 2% would be Rs 1,86,000, bringing the total cost to Rs 8,37,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rakkippa Street?

The Sub Registrar Office that covers Rakkippa 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 a crucial factor in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the higher of the guideline value or the actual sale price is considered for calculating the applicable duties. This ensures that the government receives the appropriate revenue based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Rakkippa Street?

The current guideline value of Rakkippa Street is Rs 9,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 8,500 per sq.ft in 2012 to Rs 5,695 per sq.ft in 2017, then increased to Rs 8,500 per sq.ft in 2023, and finally to Rs 9,300 per sq.ft in 2024.

What is the land classification for Rakkippa Street?

Rakkippa Street is classified as Residential Class III Type - II.

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 on Rakkippa 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 93,00,000, the stamp duty would be Rs 6,51,000 at 7%.