Guideline Value for Raghavendira Colony

Raghavendira Colony guideline value

The current guideline value of Raghavendira Colony, located in Chenchery village under the Virugambakkam SRO, is Rs 4,950 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Raghavendira Colony has changed

The guideline value for Raghavendira Colony has seen several revisions over the years. In 2002, the value was set at Rs 450 per sq.ft, which increased to Rs 500 per sq.ft in 2003. The value rose significantly to Rs 1,000 per sq.ft in 2007, followed by a sharp increase to Rs 4,500 per sq.ft in 2012. However, it dropped to Rs 3,015 per sq.ft in 2017. The value then increased to Rs 4,500 per sq.ft in 2023, and currently stands at Rs 4,950 per sq.ft as of the 2024 revision.

Notable changes between these revisions include a 10% increase from 2023 to 2024, a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, a substantial 350% increase from 2007 to 2012, and a 100% increase from 2003 to 2007. Overall, the guideline value has increased by 1000% from 2002 to 2024.

Guideline values in Chenchery

In Chenchery village, there are 44 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 7,700 per sq.ft, with a median value of Rs 4,400 per sq.ft. Raghavendira Colony's current guideline value is above this median.

• Rajendiran Road(Natesan Nagar): Rs 4,950 per sq.ft (2024)
• Ramalinga Nagar 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Ramalinga Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Ramalinga Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Ramalinga Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Pavalamalli Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Raghavendira Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total cost together to Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Raghavendira Colony?

The Sub Registrar Office that covers Raghavendira Colony is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for additional information.

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

The guideline value is a crucial factor in the registration process of property transactions in Chenchery. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. Buyers should be aware of the guideline value to understand their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of Raghavendira Colony?

The current guideline value of Raghavendira Colony is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 450 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, marking an overall increase of 1000%.

What is the land classification of Raghavendira Colony?

Raghavendira Colony is classified as Residential Class I Type - I, which indicates its designation for residential use.

Where can I find the Sub Registrar Office for Raghavendira Colony?

The Sub Registrar Office for Raghavendira Colony is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for property in Raghavendira Colony?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 3,46,500.