Guideline Value for RATHINASABAPATHY STREET

Rathinasabapathy Street guideline value

The current guideline value of Rathinasabapathy Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Rathinasabapathy Street has changed

The guideline value for Rathinasabapathy Street has seen several revisions over the years. In the 2007 revision, the value was set at Rs 1,100 per sq.ft. This increased significantly to Rs 5,000 per sq.ft in the 2012 revision, marking a rise of 355%. However, in the 2017 revision, the value dropped to Rs 3,350 per sq.ft, which was a decrease of 33%. The value then increased again to Rs 5,000 per sq.ft in the 2023 revision, and most recently, it has risen to Rs 5,500 per sq.ft in the 2024 revision, reflecting a 10% increase.

Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 400%. It is important to note that there are no figures available for Rathinasabapathy Street in the 2002 and 2003 revisions.

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 is the same as the current value for Rathinasabapathy Street.

• Rao Sahib Venkatapathy Naidu Street: Rs 6,000 per sq.ft (2024)
• Rangu Lane: Rs 4,900 per sq.ft (2024)
• Rangappa Street: Rs 5,500 per sq.ft (2024)
• 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)

Stamp duty and registration fee for property in Rathinasabapathy 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, totaling 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. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rathinasabapathy Street?

The Sub Registrar Office that covers Rathinasabapathy 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 when buying or selling property in Purasaivakkam. It serves as a reference point for determining the stamp duty and registration fees applicable during the registration process. Buyers and sellers must consider the guideline value to ensure compliance with legal requirements and to avoid any discrepancies during the transaction.

When a property is registered, the guideline value is used to calculate the stamp duty, which is charged at a percentage of the guideline value or the sale price, whichever is higher. 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 Rathinasabapathy Street?

The current guideline value of Rathinasabapathy 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, reflecting an overall increase of 400% over the years.

What is the land classification of Rathinasabapathy Street?

Rathinasabapathy Street is classified as Residential Class III Type - I.

Where can I find the Purasaivakkam Sub Registrar Office?

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

How is stamp duty calculated for properties in Rathinasabapathy Street?

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 calculated at 7% of that amount.