Guideline Value for RAZAK GARDEN I ST STREET

Razak Garden I St Street guideline value

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

How the guideline value of Razak Garden I St Street has changed

The guideline value for Razak Garden I St Street has seen several revisions over the years. In 2007, the guideline value was Rs 1,250 per sq.ft, which increased significantly to Rs 5,500 per sq.ft in 2012. However, it decreased to Rs 3,685 per sq.ft in 2017. The value then rose to Rs 5,500 per sq.ft in 2023, before reaching the current rate of Rs 6,000 per sq.ft in 2024.

Between the revisions, there have been notable changes. The increase from 2023 to 2024 was 9%. The jump from 2017 to 2023 was 49%, while the decrease from 2012 to 2017 was 33%. The rise from 2007 to 2012 was a substantial 340%. Overall, from 2007 to 2024, the guideline value has increased by 380%. The register has no figures for the years 2002 and 2003 for this street.

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 is Rs 6,000 per sq.ft, which is equal to the current rate for Razak Garden I St Street.

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

Stamp duty and registration fee for property in Razak Garden I St Street

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, bringing the total to Rs 5,40,000. It is important to note that 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 Razak Garden I St Street?

The Sub Registrar Office that covers Razak Garden I St 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 is an essential factor in property transactions in Arumbakkam. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. The guideline value serves as a reference point for the valuation of properties during registration.

When selling property, the guideline value can influence the sale price, as it reflects the government's assessment of property values in the area. Buyers and sellers should be aware of the guideline value to ensure compliance with local regulations and to understand the costs involved in the transaction.

Frequently asked questions

What is the current guideline value of Razak Garden I St Street?

The current guideline value of Razak Garden I St 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 from Rs 1,250 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, with various revisions in between, including a decrease in 2017.

What is the role of the Kodambakkam SRO?

The Kodambakkam SRO is responsible for maintaining the guideline value register and facilitating property registrations in the area, including Razak Garden I St Street.

How is stamp duty calculated for properties in Razak Garden I St Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 60,00,000 would have a stamp duty of Rs 4,20,000 at a rate of 7%.

Where can I find more information about the guideline values in Arumbakkam?

More information about the guideline values in Arumbakkam can be found in the guideline value register maintained by the Registration Department, which provides details on various streets and their respective values.