Guideline Value for RAZAK GARDEN II ND STREET

Razak Garden II Nd Street guideline value

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

How the guideline value of Razak Garden II Nd Street has changed

The guideline value for Razak Garden II Nd 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 then decreased to Rs 3,685 per sq.ft in 2017 before rising to Rs 5,500 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 6,000 per sq.ft, marking a 9% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 380%. Notably, there are no figures available for the years 2002 and 2003 for this street in the register.

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 aligns with the guideline value of Razak Garden II Nd Street.

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

Stamp duty and registration fee for property in Razak Garden II Nd 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 amount to Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total fees together 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. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Razak Garden II Nd Street?

The Sub Registrar Office that covers Razak Garden II Nd 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 determining the stamp duty and registration fees when buying or selling property in Arumbakkam. It serves as a benchmark for the value of the property, ensuring that the government receives the appropriate revenue from transactions.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty and registration fees. This ensures that the fees reflect the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Razak Garden II Nd Street?

The current guideline value of Razak Garden II Nd 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, showing an overall increase of 380% over the years.

What are the stamp duty and registration fees for properties in Razak Garden II Nd Street?

For a property valued at Rs 60,00,000, the stamp duty would be Rs 4,20,000 and the registration fee would be Rs 1,20,000, totaling Rs 5,40,000.

Which Sub Registrar Office covers Razak Garden II Nd Street?

The Kodambakkam Sub Registrar Office covers Razak Garden II Nd Street, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

What is the land classification for Razak Garden II Nd Street?

The land classification for Razak Garden II Nd Street is Residential Special Type - II, indicating its designated use within the area.