Guideline Value for RICE MILL STREET

Rice Mill Street guideline value

The current guideline value of Rice Mill Street in Uthandi village, under the Neelankarai SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - I.

How the guideline value of Rice Mill Street has changed

The guideline value for Rice Mill Street has undergone several revisions since 2003. In 2003, the value was Rs 85 per sq.ft, which increased significantly to Rs 300 per sq.ft in 2007, marking a rise of 253%. The value then saw a dramatic increase to Rs 2,000 per sq.ft in 2012, reflecting a 567% jump. However, it decreased to Rs 1,340 per sq.ft in 2017, a drop of 33%. The subsequent revision in 2023 set the value at Rs 2,000 per sq.ft, followed by the current value of Rs 2,200 per sq.ft in 2024, which is a 10% increase.

There is no figure available for Rice Mill Street in the 2002 revision. Overall, from 2003 to 2024, the guideline value has increased by 2488%.

Guideline values in Uthandi

In Uthandi, there are 197 streets under the Neelankarai SRO with the 2024 guideline values ranging from Rs 1,100 to Rs 14,700 per sq.ft. The median value for these streets is Rs 1,700 per sq.ft, placing Rice Mill Street's current value above this median.

• R.R.Nehetan: Rs 2,800 per sq.ft (2024)
• Rukmaniradha Kannan Garden: Rs 1,100 per sq.ft (2024)
• Ranganathan, Neela Garden: Rs 1,100 per sq.ft (2024)
• Ranganathan Avenue: Rs 4,400 per sq.ft (2024)
• Ramu, Raja Manickam Thottam: Rs 1,100 per sq.ft (2024)
• Ramu Kannan Gunasekaran Garden: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Rice Mill Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the 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 Rice Mill Street?

The Rice Mill Street falls under the Neelankarai Sub Registrar Office located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions, as it determines the amount of stamp duty and registration fees payable during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations and to understand the financial implications of their transactions.

When a property is bought or sold, the guideline value serves as a reference point for assessing the property's worth, ensuring that all parties involved are aware of the official valuation set by the government. This helps maintain transparency in property dealings.

Frequently asked questions

What is the current guideline value of Rice Mill Street?

The current guideline value of Rice Mill Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 85 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 2488% over this period.

What is the median guideline value in Uthandi?

The median guideline value for streets in Uthandi is Rs 1,700 per sq.ft, with Rice Mill Street's value being above this median.

What are the stamp duty and registration fees for Rice Mill Street?

For a 1,000 sq.ft plot at the guideline value of Rs 2,200 per sq.ft, the total stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.