Guideline Value for RAMA RAO GARDEN 2ND STREET

Rama Rao Garden 2nd Street guideline value

The current guideline value of Rama Rao Garden 2nd Street, located in Mylapore village under the Mylapore SRO, is Rs 9,900 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Rama Rao Garden 2nd Street has changed

The guideline value for Rama Rao Garden 2nd Street has seen several revisions over the years. In 2002, the value was Rs 773 per sq.ft, which increased to Rs 859 per sq.ft in 2003, marking an increase of 11%. By 2007, the value rose significantly to Rs 1,000 per sq.ft, reflecting a 16% increase. The 2012 revision saw the value jump to Rs 9,000 per sq.ft, a remarkable increase of 800%. However, in 2017, it decreased to Rs 6,030 per sq.ft, a decline of 33%. The value then increased again to Rs 9,000 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 9,900 per sq.ft, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,181%. There are no figures available for the revisions in years other than those mentioned above.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. The guideline value of Rs 9,900 per sq.ft for Rama Rao Garden 2nd Street is above this median.

• Rama Rao Garden 1st Street (Balaji Nagar): Rs 9,900 per sq.ft (2024)
• Rama Rao Garden 2nd Street (Balaji Nagar): Rs 9,900 per sq.ft (2024)
• Rama Rao Garden 1st Street: 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 2nd 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, making the total cost for these fees Rs 8,91,000. It is important to note that the duty is charged on the higher of the guideline value or 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 2nd Street?

The Sub Registrar Office that covers Rama Rao Garden 2nd 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 of property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on the guideline value.

When a property is sold, the guideline value ensures that the transaction is recorded accurately, reflecting the property's value as determined by the local government. This process helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Rama Rao Garden 2nd Street?

The current guideline value of Rama Rao Garden 2nd 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 773 per sq.ft in 2002 to Rs 9,900 per sq.ft in 2024, reflecting an overall increase of 1,181% over the years.

What is the land classification for Rama Rao Garden 2nd Street?

Rama Rao Garden 2nd Street is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 99,00,000, the stamp duty would be Rs 6,93,000, and the registration fee would be Rs 1,98,000, totaling Rs 8,91,000.

Where is the Sub Registrar Office for Rama Rao Garden 2nd Street located?

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