Guideline Value for Race Cource Road

Race Cource Road guideline value

The current guideline value of Race Cource Road in Velachery village is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Velacheri SRO and is classified as Residential Class II Type - III.

How the guideline value of Race Cource Road has changed

The guideline value for Race Cource Road has seen several revisions over the years. In 2002, the guideline value was Rs 581 per sq.ft, which increased to Rs 651 per sq.ft in 2003, marking a change of +12%. The value then experienced a significant rise to Rs 1,800 per sq.ft in 2007, representing an increase of +176%. Following this, the value dropped to Rs 3,500 per sq.ft in 2012, a decrease of -33%. In 2017, the guideline value rose to Rs 2,345 per sq.ft, reflecting a +49% change. The most recent revision in 2023 set the value at Rs 3,500 per sq.ft, and the current value of Rs 3,850 per sq.ft in 2024 shows an increase of +10% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by +563%. There are no figures available in the register for revisions other than those mentioned.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values for 2024 ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing the 2024 figure for Race Cource Road below this median.

• Raceveiw colony 1st Street: Rs 3,850 per sq.ft (2024)
• Raceveiw colony 2nd Street: Rs 3,850 per sq.ft (2024)
• Raceveiw colony 3rd Street: Rs 3,850 per sq.ft (2024)
• Race View Colony Main Road: Rs 3,850 per sq.ft (2024)
• Radhamohan Street: Rs 6,600 per sq.ft (2024)
• Radha Nagar: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Race Cource Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Race Cource Road?

The Race Cource Road is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

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

When a buyer approaches the registration office, the guideline value is assessed to ensure that the correct fees are calculated based on the property's value. This ensures transparency and compliance with local regulations during property transactions.

Frequently asked questions

What is the current guideline value of Race Cource Road?

The current guideline value of Race Cource Road is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has seen several changes, increasing from Rs 581 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, representing an overall increase of +563%.

What is the stamp duty rate for properties on Race Cource Road?

The stamp duty rate for properties in Race Cource Road is 7%, which is applied to the higher of the guideline value or the sale price.

Where can I find the registration office for Race Cource Road?

The registration office for Race Cource Road is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the classification of land on Race Cource Road?

Race Cource Road is classified as Residential Class II Type - III according to the local land classification regulations.