Guideline Value for RAVI STREET

Ravi Street guideline value

The current guideline value of Ravi Street in Medavakkam village is Rs 1,870 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class III Type - I.

How the guideline value of Ravi Street has changed

The guideline value for Ravi Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,700 per sq.ft, which was then decreased to Rs 1,139 per sq.ft in the 2017 revision, marking a significant drop of 33%. However, the subsequent 2023 revision increased the value to Rs 1,700 per sq.ft, followed by another increase to Rs 1,870 per sq.ft in the 2024 revision, reflecting a 10% rise.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, indicating that Ravi Street's 2024 figure is below this median.

• Rangathanpuram Kulasekara Alwar Street: Rs 2,200 per sq.ft (2024)
• Rangathanpuram Bajanai Koil Street: Rs 2,200 per sq.ft (2024)
• Ranganathpuram/ Nehru Street: Rs 2,200 per sq.ft (2024)
• Ranganathanpuram: Rs 2,200 per sq.ft (2024)
• Roja Street (Senthamizh Nagar): Rs 2,750 per sq.ft (2024)
• Royal Garden: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Ravi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the total guideline value would be Rs 18,70,000. The stamp duty at 7% would amount to Rs 1,30,900, and the registration fee at 2% would be Rs 37,400, making the total cost for these fees Rs 1,68,300. Please note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ravi Street?

The Sub Registrar Office that covers Ravi Street is the Chennai South Joint I 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 details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When you register a property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the correct amount based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Ravi Street?

The current guideline value of Ravi Street is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,700 per sq.ft in 2012 to Rs 1,139 per sq.ft in 2017, then back to Rs 1,700 per sq.ft in 2023, and finally to Rs 1,870 per sq.ft in 2024.

What is the land classification for Ravi Street?

Ravi Street is classified as Residential Class III Type - I under the Chennai South Joint I SRO.

How does Ravi Street's guideline value compare to other streets in Medavakkam?

The guideline value of Ravi Street at Rs 1,870 per sq.ft is below the median value of Rs 2,200 per sq.ft for other streets in Medavakkam under the Chennai South Joint I SRO.

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

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