Guideline Value for Race View Road

Race View Road guideline value

The current guideline value of Race View Road is Rs 9,400 per sq.ft, effective from 1 July 2024. This road is located in Adayar village, under the Adayar SRO, and is classified as Residential Special Type - II.

How the guideline value of Race View Road has changed

Over the years, the guideline value of Race View Road has seen significant changes. The 2007 revision set the value at Rs 3,600 per sq.ft, which increased to Rs 8,500 per sq.ft in 2012. However, in 2017, the value dropped to Rs 5,695 per sq.ft before rising again to Rs 8,500 per sq.ft in 2023. The current revision for 2024 marks a substantial increase to Rs 9,400 per sq.ft. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

From 2007 to 2024, the overall increase in the guideline value is 161%. The changes between revisions are as follows: from 2007 to 2012, there was a significant increase of 136%, followed by a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and finally, there was an increase of 11% from 2023 to 2024.

Guideline values in Adayar

Adayar village has a total of 92 streets under the Adayar SRO carrying a 2024 guideline value ranging from Rs 3,300 to Rs 15,400 per sq.ft. The median value for these streets is Rs 6,100 per sq.ft, making the 2024 figure for Race View Road above this median.

• Race Course Road: Rs 9,400 per sq.ft (2024)
• Race Course Extension Colony 1st Street: Rs 6,600 per sq.ft (2024)
• Race Course Extension 2nd Street: Rs 6,600 per sq.ft (2024)
• Railway Colony: Rs 5,500 per sq.ft (2024)
• Ponni Ammal Kovil Street: Rs 6,600 per sq.ft (2024)
• Pondicherry Road: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Race View Road

For a 1,000 sq.ft plot at the current guideline value of Rs 9,400 per sq.ft, the total guideline value would be Rs 94,00,000. The stamp duty at 7% would amount to Rs 6,58,000, while the registration fee at 2% would be Rs 1,88,000. Together, the total cost for stamp duty and registration fee would be Rs 8,46,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Race View Road?

The Sub Registrar Office that covers Race View Road is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Adayar. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the sale price cannot be lower than the guideline value. This ensures that the government receives the appropriate revenue from property transactions. Buyers and sellers should be aware of the guideline value to understand the financial implications of their real estate transactions.

Frequently asked questions

What is the current guideline value of Race View Road?

The current guideline value of Race View Road is Rs 9,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 3,600 per sq.ft in 2007 to Rs 9,400 per sq.ft in 2024, reflecting an overall increase of 161% over this period.

What is the land classification for Race View Road?

Race View Road is classified as Residential Special Type - II, which impacts the guideline value set for the area.

What are the stamp duty and registration fees for properties in Race View Road?

For a property valued at Rs 94,00,000, the stamp duty would be Rs 6,58,000 and the registration fee would be Rs 1,88,000, totaling Rs 8,46,000.

Where is the Adayar Sub Registrar Office located?

The Adayar Sub Registrar Office is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.