Guideline Value for Raghavendra Street 1st Street/Balaiya Garden

Raghavendra Street 1st Street/Balaiya Garden guideline value

The current guideline value of Raghavendra Street 1st Street/Balaiya Garden is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Raghavendra Street 1st Street/Balaiya Garden has changed

In the 2017 revision, the guideline value was Rs 2,345 per sq.ft. This figure increased to Rs 3,850 per sq.ft in the 2024 revision, marking a significant rise of 64%. The register has no figure for Raghavendra Street 1st Street for the years 2023, 2012, 2007, 2003, and 2002.

Starting from the 2017 revision to the 2024 revision, the increase reflects changes in the valuation of properties in the area. The guideline value has seen a considerable increase over the years, with the current rate now standing above the median value of Rs 2,750 per sq.ft for other streets in Madipakkam-1.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The current guideline value for Raghavendra Street 1st Street/Balaiya Garden is higher than the median of Rs 2,750 per sq.ft. Below are the guideline values for other streets in Madipakkam-1:

• Raghavendra Street 1st Street: Rs 2,200 per sq.ft (2024)
• Raghavendra Street 2nd Street: Rs 2,200 per sq.ft (2024)
• Raghavendra Street 3rd Street: Rs 2,200 per sq.ft (2024)
• Raghavendra Cross Street: Rs 2,200 per sq.ft (2024)
• Rainbow Avenue: Rs 2,750 per sq.ft (2024)
• Rajagopalapuram Extension, Ram Nagar North Extension: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Raghavendra Street 1st Street/Balaiya Garden

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 to Rs 3,46,500. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Raghavendra Street 1st Street/Balaiya Garden?

The Sub Registrar Office covering Raghavendra Street 1st Street/Balaiya Garden 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 Madipakkam-1

The guideline value is a crucial factor in property transactions in Madipakkam-1. It serves as the minimum value for 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 will be compared against the sale price. The higher of the two will be used to calculate the stamp duty and registration fees, making it essential for buyers and sellers to be aware of the current guideline values.

Frequently asked questions

What is the current guideline value of Raghavendra Street 1st Street/Balaiya Garden?

The current guideline value of Raghavendra Street 1st Street/Balaiya Garden is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 2,345 per sq.ft in 2017 to Rs 3,850 per sq.ft in 2024, which is a rise of 64%. The register has no figures for the years 2023, 2012, 2007, 2003, and 2002.

What are the guideline values of other streets in Madipakkam-1?

Other streets in Madipakkam-1 have varying guideline values, with Raghavendra Street 1st Street at Rs 2,200 per sq.ft, and Rainbow Avenue at Rs 2,750 per sq.ft, among others. The values range from Rs 1,650 to Rs 5,500 per sq.ft.

How is stamp duty calculated for properties?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 38,50,000 would incur a stamp duty of Rs 2,69,500 at a rate of 7%.

Where can I find my Sub Registrar Office?

You can find your Sub Registrar Office by visiting the Velacheri Sub Registrar Office located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more details, you can use the find your SRO tool.