Guideline Value for RAZACK GARDEN STREET

Razack Garden Street guideline value

The current guideline value of Razack Garden Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Arumbakkam village under the Kodambakkam SRO, classified as Residential Special Type - II.

How the guideline value of Razack Garden Street has changed

The guideline value has undergone several revisions over the years. In 2002, the value was Rs 854 per sq.ft, which increased to Rs 941 per sq.ft in 2003, marking a 10% rise. The next revision in 2012 saw the value at Rs 5,500 per sq.ft, a significant increase of 484% from 2003. However, in 2017, the value dropped to Rs 3,685 per sq.ft, reflecting a decrease of 33%. The 2023 revision brought the value back up to Rs 5,500 per sq.ft, and in 2024, it reached Rs 6,000 per sq.ft, showing a 9% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 603%. It is important to note that there is no figure available for Razack Garden Street in the 2007 revision.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median value for these streets is Rs 6,000 per sq.ft, which is equal to the current guideline value of Razack Garden Street.

• Razak Garden Avenue: Rs 6,000 per sq.ft (2024)
• Razak Garden III Rd Street: Rs 6,000 per sq.ft (2024)
• Razak Garden II Nd Street: Rs 6,000 per sq.ft (2024)
• Razak Garden I St Street: Rs 6,000 per sq.ft (2024)
• Razak Garden IV Th Street: Rs 6,000 per sq.ft (2024)
• Razak Garden Main Road: Rs 8,200 per sq.ft (2024)

Stamp duty and registration fee for property in Razack Garden Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value would be Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, totaling Rs 5,40,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Razack Garden Street?

The Sub Registrar Office covering Razack Garden Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Arumbakkam. It is used to determine the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value is either compared with the sale price, and the higher amount is used to calculate the applicable duties. This ensures that the government receives the correct revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Razack Garden Street?

The current guideline value of Razack Garden Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 854 per sq.ft in 2002 to Rs 6,000 per sq.ft in 2024, which is a total increase of 603% over the years.

What is the land classification for Razack Garden Street?

Razack Garden Street is classified as Residential Special Type - II under the Kodambakkam SRO.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in Razack Garden Street is 7%, while the registration fee is 2% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Razack Garden Street?

The Sub Registrar Office for Razack Garden Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.