Guideline Value for RANGABASHYAM STREET

Rangabashyam Street guideline value

The current guideline value of Rangabashyam Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Saidapet village and falls under the Chennai South Joint II SRO, with a land classification of Residential Class II Type - II.

How the guideline value of Rangabashyam Street has changed

The guideline value for Rangabashyam Street has undergone several revisions over the years. In 2002, the guideline value was Rs 443 per sq.ft, which increased to Rs 555 per sq.ft in 2003. Following that, the value saw a significant rise to Rs 1,100 per sq.ft in 2007, and then it jumped to Rs 4,000 per sq.ft in 2012. However, it decreased to Rs 2,680 per sq.ft in 2017, before rising again to Rs 4,000 per sq.ft in 2023. The latest revision in 2024 set the value at Rs 4,400 per sq.ft.

Between these revisions, several notable changes occurred. From 2002 to 2003, there was a 25% increase, followed by a 98% rise from 2003 to 2007. The value surged by 264% from 2007 to 2012, but then it dropped by 33% from 2012 to 2017. A substantial 49% increase was observed from 2017 to 2023, culminating in a 10% rise from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 893%.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the current guideline value of Rangabashyam Street.

• Rathinam Thottam: Rs 3,300 per sq.ft (2024)
• Rathinam Thottam 1st Street: Rs 4,400 per sq.ft (2024)
• Ramapuram Ramasamy Street: Rs 4,950 per sq.ft (2024)
• Ramanujam Pillai Street: Rs 4,950 per sq.ft (2024)
• Salaivaiyalar 1st Street: Rs 4,400 per sq.ft (2024)
• Salavaiyalar Colony 2nd Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Rangabashyam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Rangabashyam Street?

The Sub Registrar Office that covers Rangabashyam Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Saidapet

The guideline value is a critical factor in the registration process of property transactions in Saidapet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is essential for buyers to be aware of the guideline value to ensure they are not overpaying for a property and for sellers to set a competitive price that aligns with the official valuation.

Frequently asked questions

What is the current guideline value of Rangabashyam Street?

The current guideline value of Rangabashyam Street is Rs 4,400 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 443 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 893% over the years.

What is the land classification of Rangabashyam Street?

Rangabashyam Street is classified as Residential Class II Type - II.

Where can I find the Sub Registrar Office for Rangabashyam Street?

The Sub Registrar Office for Rangabashyam Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Rangabashyam Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 3,08,000.