Guideline Value for Radial Type Houses

Radial Type Houses guideline value

The current guideline value for Radial Type Houses in Kodambakkam village, under the Ashok Nagar SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. This property falls under the Residential Class III Type - I land classification.

How the guideline value of Radial Type Houses has changed

The guideline value for Radial Type Houses has seen several revisions over the years. In 2007, the value was Rs 800 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012. However, in 2017, the value dropped to Rs 3,350 per sq.ft. The most recent revisions show that the value rose to Rs 5,000 per sq.ft in 2023 and has now increased to Rs 5,500 per sq.ft in 2024.

The changes between these revisions are notable. From 2007 to 2012, there was a substantial increase of 525%. However, the value decreased by 33% from 2012 to 2017. The jump from 2017 to 2023 was 49%, and the latest increase from 2023 to 2024 is 10%. Overall, from 2007 to 2024, the guideline value has increased by 588%.

Guideline values in Kodambakkam

Kodambakkam village has a range of guideline values across its 1,031 streets under the Ashok Nagar SRO, with figures ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, placing the Radial Type Houses above this median.

• Radhakrishnan Street: Rs 4,100 per sq.ft (2024)
• Raghavan Colony 1st Street (VP): Rs 6,600 per sq.ft (2024)
• Raghavan Colony 2nd Street (VP): Rs 6,600 per sq.ft (2024)
• Raghavan Colony 3rd Cross Street (VP): Rs 6,600 per sq.ft (2024)
• Raghavan Colony Main Street (VP): Rs 6,600 per sq.ft (2024)
• Raghavan Colony W.M. (Opp. Adikesava perumal Koil): Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Radial Type Houses

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, resulting in a total of Rs 4,95,000. 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 more information.

Which Sub Registrar Office covers Radial Type Houses?

The Radial Type Houses are covered by the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Kodambakkam. It serves as the basis for calculating stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official registers.

When a property transaction occurs, the buyer must pay the applicable stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that all property transactions are fairly assessed and contribute to the state's revenue.

Frequently asked questions

What is the current guideline value for Radial Type Houses?

The current guideline value for Radial Type Houses in Kodambakkam is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, showing an overall increase of 588% over this period.

What is the registration office for Radial Type Houses?

The Ashok Nagar Sub Registrar Office covers Radial Type Houses, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in Kodambakkam?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a property valued at Rs 55,00,000 would incur a stamp duty of Rs 3,85,000 at 7%.

What are the guideline values for other streets in Kodambakkam?

Other streets in Kodambakkam have varying guideline values, with figures ranging from Rs 4,100 per sq.ft to Rs 6,600 per sq.ft in 2024, depending on the specific street.