Guideline Value for RAMA RAO GARDEN 3RD STREET

Rama Rao Garden 3rd Street guideline value

The current guideline value of Rama Rao Garden 3rd 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 3rd Street has changed

Since 2002, the guideline value for Rama Rao Garden 3rd Street has seen significant changes. The 2002 revision recorded a guideline value of Rs 612 per sq.ft, which increased to Rs 680 per sq.ft in 2003, marking an increase of 11%. The value continued to rise to Rs 900 per sq.ft in 2007, reflecting a 32% increase. In 2012, the value was recorded at Rs 9,000 per sq.ft, which was a substantial increase of 900% from the previous revision. However, it dropped to Rs 6,030 per sq.ft in 2017, showing a decrease of 33%. The value then rose again to Rs 9,000 per sq.ft in 2023, and most recently, it has increased to Rs 9,900 per sq.ft in 2024, which is a 10% rise.

There are no figures available for the years not mentioned in the revisions. Overall, from 2002 to 2024, the guideline value has increased by 1,518%.

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 for Rama Rao Garden 3rd Street is above this median.

• Rama Rao Garden 2nd Street (Balaji Nagar): Rs 9,900 per sq.ft (2024)
• Rama Rao Garden Salai: Rs 9,900 per sq.ft (2024)
• Rama Rao Garden 2nd Street: Rs 9,900 per sq.ft (2024)
• Rama Rao Garden 1st Street (Balaji Nagar): Rs 9,900 per sq.ft (2024)
• Rama Rao Garden 1st Street: 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 3rd 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 is charged at 7%, amounting to Rs 6,93,000, while the registration fee is 2%, totaling Rs 1,98,000. Therefore, the total cost for stamp duty and registration would be Rs 8,91,000. It is important to note that 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 Rama Rao Garden 3rd Street?

The Sub Registrar Office that covers Rama Rao Garden 3rd 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 an essential factor in the registration process of property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, it is crucial to be aware of the guideline value as it can influence the overall cost of the transaction. Buyers should ensure that they are informed about the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Rama Rao Garden 3rd Street?

The current guideline value of Rama Rao Garden 3rd 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 significantly from Rs 612 per sq.ft in 2002 to Rs 9,900 per sq.ft in 2024, reflecting an overall increase of 1,518% over the years.

What is the land classification for Rama Rao Garden 3rd Street?

Rama Rao Garden 3rd 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 3rd Street located?

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