Guideline Value for RAMA RAO GARDEN 1ST STREET

Rama Rao Garden 1st Street guideline value

The current guideline value of Rama Rao Garden 1st Street is Rs 9,900 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 III Type - I.

How the guideline value of Rama Rao Garden 1st Street has changed

The guideline value for Rama Rao Garden 1st Street has experienced several revisions over the years. The oldest recorded revision is from 2012, where the guideline value was Rs 9,000 per sq.ft. This was followed by a decrease to Rs 6,030 per sq.ft in the 2017 revision. However, the most recent revision in 2024 shows a significant increase to Rs 9,900 per sq.ft, marking a 64% rise from the 2017 figure.

Overall, from 2012 to 2024, the guideline value has increased by 10%. Notably, there are no figures available for the years 2023, 2007, 2003, and 2002 in the register for this street.

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 in this area is Rs 8,800 per sq.ft, placing the 2024 figure for Rama Rao Garden 1st Street above this median.

• Rama Rao Garden 1st Street (Balaji Nagar): Rs 9,900 per sq.ft (2024)
• Rama Rao Garden 2nd Street: Rs 9,900 per sq.ft (2024)
• Rama Rao Garden 2nd Street (Balaji Nagar): Rs 9,900 per sq.ft (2024)
• Rama Rao Garden 3rd Street: Rs 9,900 per sq.ft (2024)
• Rama Rao Garden Salai: Rs 9,900 per sq.ft (2024)
• Ramasamy Naicken Street: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Rama Rao Garden 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the total guideline value would be Rs 99,00,000. The stamp duty at 7% would amount to Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, bringing the total fees to Rs 8,91,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Rama Rao Garden 1st Street?

The Sub Registrar Office that covers Rama Rao Garden 1st 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 property transactions in Mylapore, as it determines the minimum value on which stamp duty and registration fees are calculated. When buying or selling property, the guideline value ensures that the transaction is recorded accurately and fairly in the official registry.

It is essential for buyers and sellers to be aware of the current guideline value, as it impacts the overall costs associated with property transactions. This value is regularly revised to reflect changes in the real estate market and local conditions.

Frequently asked questions

What is the current guideline value of Rama Rao Garden 1st Street?

The current guideline value of Rama Rao Garden 1st Street is Rs 9,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 9,000 per sq.ft in 2012 to Rs 6,030 per sq.ft in 2017, and then increased to Rs 9,900 per sq.ft in 2024.

What is the land classification for Rama Rao Garden 1st Street?

Rama Rao Garden 1st Street is classified as Residential Class III Type - I.

Where is the Sub Registrar Office for this street located?

The Sub Registrar Office for Rama Rao Garden 1st Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How is the stamp duty calculated for properties in Mylapore?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 99,00,000, the stamp duty at 7% would be Rs 6,93,000.