Guideline Value for RAZAK GARDEN AVENUE

Razak Garden Avenue guideline value

The current guideline value for Razak Garden Avenue in Arumbakkam village, under the Kodambakkam SRO, is Rs 6,000 per sq.ft, effective from 1 July 2024. This area falls under the Residential Special Type - II land classification.

How the guideline value of Razak Garden Avenue has changed

The guideline value for Razak Garden Avenue has seen several revisions over the years. Starting from Rs 941 per sq.ft in 2003, the value increased to Rs 1,500 per sq.ft in 2007. Following that, it rose significantly to Rs 5,500 per sq.ft in 2012, then decreased to Rs 3,685 per sq.ft in 2017. The value rebounded to Rs 5,500 per sq.ft in 2023, and is now Rs 6,000 per sq.ft as of the 2024 revision.

Notable changes include a 267% increase from 2007 to 2012, a 49% increase from 2017 to 2023, and a 9% increase from 2023 to 2024. The overall increase from 2003 to 2024 is 538%. The register has no figure for the year 2002 for this street.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median value is Rs 6,000 per sq.ft, which matches the guideline value for Razak Garden Avenue.

• Razak Garden III Rd Street: Rs 6,000 per sq.ft (2024)
• Razack Garden 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 Razak Garden Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to 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, making the total fees Rs 5,40,000. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Razak Garden Avenue?

The Sub Registrar Office that covers Razak Garden Avenue 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 is a crucial factor during property transactions in Arumbakkam. It is used to determine the stamp duty and registration fees that must be paid when a property is sold or purchased.

When registering a property, the guideline value serves as a benchmark to ensure that the transaction is recorded accurately. This helps in maintaining transparency and accountability in property dealings.

Frequently asked questions

What is the current guideline value for Razak Garden Avenue?

The current guideline value for Razak Garden Avenue 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 from Rs 941 per sq.ft in 2003 to Rs 6,000 per sq.ft in 2024, showing a significant overall increase of 538% over this period.

What is the stamp duty for properties in Razak Garden Avenue?

The stamp duty for properties in Razak Garden Avenue is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Razak Garden Avenue located?

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

What are the other streets in Arumbakkam with the same guideline value?

Other streets in Arumbakkam with a guideline value of Rs 6,000 per sq.ft include Razak Garden III Rd Street, Razack Garden Street, Razak Garden II Nd Street, Razak Garden I St Street, and Razak Garden IV Th Street.