Guideline Value for Raceveiw colony 1st Street

Raceveiw colony 1st Street guideline value

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

How the guideline value of Raceveiw colony 1st Street has changed

The guideline value for Raceveiw colony 1st Street has undergone several revisions over the years. The earliest recorded revision is from 2007, where the guideline value was Rs 1,800 per sq.ft. This value increased to Rs 3,500 per sq.ft in 2012, marking a significant rise of 94%. However, it then dropped to Rs 2,345 per sq.ft in 2017, reflecting a decrease of 33%. The subsequent revision in 2023 saw the value rise to Rs 3,500 per sq.ft, and the latest revision in 2024 has set the value at Rs 3,850 per sq.ft, which is an increase of 10% from the previous year.

It is important to note that there are no recorded figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 114%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value 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 Raceveiw colony 1st Street below the median.

• 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)
• Race Cource 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 Raceveiw colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees to Rs 3,46,500. It is essential to note that the 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 Raceveiw colony 1st Street?

The Sub Registrar Office that covers Raceveiw colony 1st Street is 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 in the property registration process in Velachery. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid. This ensures that the transaction is recorded at a fair value as per the government regulations.

It is important for buyers and sellers to be aware of the guideline value as it affects the overall cost of the transaction. The guideline value is updated periodically, reflecting changes in the market and local conditions, which can impact property transactions.

Frequently asked questions

What is the current guideline value of Raceveiw colony 1st Street?

The current guideline value of Raceveiw colony 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 114% over the years.

What is the land classification for Raceveiw colony 1st Street?

Raceveiw colony 1st Street is classified as Residential Class II Type - III.

Which office handles registrations for properties in Raceveiw colony 1st Street?

The Velacheri Sub Registrar Office handles registrations for properties in Raceveiw colony 1st Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Raceveiw colony 1st Street?

Stamp duty for properties in Raceveiw colony 1st Street is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at the current guideline value results in a total guideline value of Rs 38,50,000.