Guideline Value for RAZAK GARDEN MAIN ROAD

Razak Garden Main Road guideline value

The current guideline value of Razak Garden Main Road is Rs 8,200 per sq.ft, effective from 1 July 2024. This street is located in Arumbakkam village and falls under the Kodambakkam SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of Razak Garden Main Road has changed

The guideline value for Razak Garden Main Road has seen several revisions over the years. In 2007, the value was Rs 4,165 per sq.ft, which increased to Rs 7,500 per sq.ft in 2012. However, it then decreased to Rs 5,025 per sq.ft in 2017. The 2023 revision marked a significant rise to Rs 7,500 per sq.ft, and the latest revision in 2024 further increased it to Rs 8,200 per sq.ft, reflecting a 9% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. The change from 2012 to 2017 saw a decrease of 33%, while the jump from 2007 to 2012 was an increase of 80%. Overall, from 2007 to 2024, the guideline value has risen by 97%. 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, with guideline values 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, placing Razak Garden Main Road's 2024 figure above that median.

• Razak Garden IV Th Street: Rs 6,000 per sq.ft (2024)
• Razak Garden VI Th Street: Rs 6,000 per sq.ft (2024)
• Razak Garden I St Street: Rs 6,000 per sq.ft (2024)
• Razak Garden V Th Street: Rs 6,000 per sq.ft (2024)
• Razak Garden II Nd Street: Rs 6,000 per sq.ft (2024)
• Razak Garden III Rd Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Razak Garden Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value would be Rs 82,00,000. The stamp duty at 7% would amount to Rs 5,74,000, while the registration fee at 2% would be Rs 1,64,000, bringing the total to Rs 7,38,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Razak Garden Main Road?

The Sub Registrar Office that covers Razak Garden Main Road 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 details.

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

The guideline value plays a crucial role during the registration of property transactions in Arumbakkam. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold.

When registering a property, the guideline value is compared to the sale price, and the duty is charged on the higher of the two amounts. This ensures that the government receives the appropriate fees based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Razak Garden Main Road?

The current guideline value of Razak Garden Main Road is Rs 8,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, with an increase from Rs 4,165 per sq.ft in 2007 to Rs 8,200 per sq.ft in 2024. Notable changes include a 49% increase from 2017 to 2023 and a 9% increase from 2023 to 2024.

What are the other streets in Arumbakkam and their guideline values?

Other streets in Arumbakkam include Razak Garden IV Th Street, Razak Garden VI Th Street, Razak Garden I St Street, Razak Garden V Th Street, Razak Garden II Nd Street, and Razak Garden III Rd Street, all with a guideline value of Rs 6,000 per sq.ft in 2024.

How is the stamp duty calculated for properties in Razak Garden Main Road?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 5,74,000 based on the current guideline value.

Where can I find the Sub Registrar Office for Razak Garden Main Road?

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