Guideline Value for RANGAPILLAI LANE

Rangapillai Lane guideline value

The current guideline value of Rangapillai Lane is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam Sub Registrar Office (SRO), and falls under the Residential Class III Type - I land classification.

How the guideline value of Rangapillai Lane has changed

The guideline value for Rangapillai Lane has seen several revisions over the years. In 2007, the value was Rs 1,100 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012. However, this was followed by a decrease to Rs 3,350 per sq.ft in 2017. The value then rose to Rs 5,000 per sq.ft in 2023, and currently stands at Rs 5,500 per sq.ft as of the 2024 revision. The changes from 2017 to 2023 marked a 49% increase, while the jump from 2023 to 2024 reflects a 10% increase.

It is important to note that the register has no figures for Rangapillai Lane for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 400%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that have a guideline value for 2024, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value is Rs 5,500 per sq.ft, which aligns with the guideline value of Rangapillai Lane.

• Rangappa Street: Rs 5,500 per sq.ft (2024)
• Ranganathapuram: Rs 4,900 per sq.ft (2024)
• Ranganathan Avenue: Rs 13,200 per sq.ft (2024)
• Rangu Lane: Rs 4,900 per sq.ft (2024)
• Rangaiah Chetty Street: Rs 6,500 per sq.ft (2024)
• Rao Sahib Venkatapathy Naidu Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Rangapillai Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees to Rs 4,95,000. It is important to note that the 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 Rangapillai Lane?

The Sub Registrar Office that covers Rangapillai Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Purasaivakkam. It is used to determine the stamp duty and registration fees applicable when a property is bought or sold. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When registering a property, the guideline value is compared against the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Rangapillai Lane?

The current guideline value of Rangapillai Lane is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Rangapillai Lane has changed from Rs 1,100 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 400% over the years.

What is the land classification for Rangapillai Lane?

Rangapillai Lane falls under the Residential Class III Type - I land classification.

Where is the Sub Registrar Office located for Rangapillai Lane?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is the stamp duty calculated for properties in Rangapillai Lane?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 at 7%.