Guideline Value for RANGAPPA STREET

Rangappa Street guideline value

The current guideline value of Rangappa Street in Purasaivakkam village, under the Purasaivakkam SRO, is Rs 5,500 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 Rangappa Street has changed

The guideline value for Rangappa Street has undergone several revisions over the years. The earliest recorded revision is from 2007, where the value was Rs 1,100 per sq.ft. This increased significantly to Rs 5,000 per sq.ft in 2012, marking a 355% rise. However, in 2017, the value decreased to Rs 3,350 per sq.ft, reflecting a 33% drop. Following that, the value rose to Rs 5,000 per sq.ft in 2023, which was a 49% increase. The most recent revision in 2024 set the value at Rs 5,500 per sq.ft, a 10% increase from the previous year.

The register has no figure for Rangappa Street 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 carry a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value is Rs 5,500 per sq.ft, which matches the current value of Rangappa Street.

• Rangapillai Lane: 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 Rangappa Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, resulting in a total of Rs 4,95,000. 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 details.

Which Sub Registrar Office covers Rangappa Street?

The Sub Registrar Office covering Rangappa Street 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 is a crucial factor during property registration in Purasaivakkam. It determines the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees applicable to the transaction.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. It is essential for both buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Rangappa Street?

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

How has the guideline value changed over the years?

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

What is the land classification of Rangappa Street?

Rangappa Street is classified under Residential Class III Type - I.

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

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

How is stamp duty calculated for properties in Rangappa Street?

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