Guideline Value for RAVI STREET

Ravi Street guideline value

The current guideline value of Ravi Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in the village of Sholinganallur - 1 and falls under the Neelankarai SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Ravi Street has changed

The guideline value for Ravi Street has undergone several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 2,000 per sq.ft, which increased to Rs 2,200 per sq.ft in the 2024 revision, reflecting a change of +10%.

Prior to the 2023 revision, there were no recorded figures for Ravi Street in the previous years. Thus, the most recent changes indicate a significant increase in the guideline value from the last recorded figure.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for this area is Rs 2,200 per sq.ft, making Ravi Street's current value equal to this median.

• Rmd Nagar: Rs 1,700 per sq.ft (2024)
• Ranganathan Avenue: Rs 5,500 per sq.ft (2024)
• Ramya Nagar Layout: Rs 1,700 per sq.ft (2024)
• Royal Compound: Rs 4,400 per sq.ft (2024)
• Royal Eternity: Rs 5,800 per sq.ft (2024)
• Sabthagiri Nagar: 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 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost for these fees Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ravi Street?

The Sub Registrar Office that covers Ravi Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value serves as a benchmark for property transactions in Sholinganallur - 1. It is used to determine the stamp duty and registration fees payable when buying or selling property in the area.

When a property is registered, the guideline value is taken into account to ensure that the appropriate fees are calculated based on either the guideline value or the actual sale price, whichever is higher. This ensures transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of Ravi Street?

The current guideline value of Ravi Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, marking a change of +10%.

What is the land classification for Ravi Street?

Ravi Street falls under the land classification of Residential Class II Type - III.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a property with a guideline value of Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 at 7%.