Guideline Value for Raghava Aiyer Street

Raghava Aiyer Street guideline value

The current guideline value for Raghava Aiyer Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village, under the Sowcarpet SRO, and is classified as Residential Class I Type - I.

How the guideline value of Raghava Aiyer Street has changed

The guideline value for Raghava Aiyer Street has undergone several revisions over the years. In 2007, the value was Rs 1,200 per sq.ft, which increased to Rs 4,000 per sq.ft in 2012. This marked a significant rise of 233%. However, the value decreased to Rs 2,680 per sq.ft in 2017, representing a decline of 33%. The value then saw a substantial increase to Rs 4,000 per sq.ft in 2023, followed by another rise to the current value of Rs 4,400 per sq.ft in 2024, reflecting a 10% increase.

In summary, from 2007 to 2024, the overall increase in guideline value for Raghava Aiyer Street is 267%. It is important to note that the register has no figures for the years 2002 and 2003.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the 2024 guideline value for Raghava Aiyer Street.

• Raghu Nayakalu Street: Rs 6,600 per sq.ft (2024)
• Presars Bridege Road: Rs 6,000 per sq.ft (2024)
• Portugeese Church Street 9th Lane: Rs 4,400 per sq.ft (2024)
• Portugeese Church Street 8th Lane: Rs 4,400 per sq.ft (2024)
• Portugeese Church Street 7th Lane: Rs 4,400 per sq.ft (2024)
• Portugeese Church Street 6th Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Raghava Aiyer Street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Raghava Aiyer Street?

The Sub Registrar Office that covers Raghava Aiyer Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions reflect a fair value for the property being bought or sold.

When a property is sold, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring compliance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value for Raghava Aiyer Street?

The current guideline value for Raghava Aiyer Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value for Raghava Aiyer Street has changed significantly, increasing from Rs 1,200 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, which is an overall increase of 267%.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles registrations for Raghava Aiyer Street?

The Sowcarpet Sub Registrar Office handles registrations for Raghava Aiyer Street, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is the guideline value used in property transactions?

The guideline value is used as a benchmark for property registration, determining the minimum value for transactions. It is essential for calculating stamp duty and registration fees based on the higher of the guideline value and the sale price.