Guideline Value for Raja Street

Raja Street guideline value

The current guideline value of Raja Street, located in Sembiam village under the Sembiam SRO, is Rs 1,900 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Raja Street has changed

The guideline value for Raja Street has seen significant changes over the years. In the 2002 revision, the value was Rs 272 per sq.ft. This increased to Rs 295 per sq.ft in 2003, marking an 8% rise. The value then rose substantially to Rs 700 per sq.ft in 2007, which was a 137% increase. Following that, the 2012 revision set the value at Rs 1,800 per sq.ft, reflecting a 157% increase from the previous revision. However, the value decreased by 33% to Rs 1,206 per sq.ft in 2017. The 2023 revision saw a significant increase to Rs 1,800 per sq.ft, and finally, the current 2024 revision has set the value at Rs 1,900 per sq.ft, which is a 6% increase from the previous year.

Overall, from the 2002 revision to the 2024 revision, the guideline value has increased by 599%. There are no figures available for the revisions in years that do not have a specified value for this street.

Guideline values in Sembiam

In Sembiam, there are 250 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. Raja Street's 2024 figure of Rs 1,900 per sq.ft is below this median.

• Rajavelu Mudali Street: Rs 2,200 per sq.ft (2024)
• Raghavan Street (George Colony): Rs 3,500 per sq.ft (2024)
• Raghavan Street: Rs 3,000 per sq.ft (2024)
• Raghavachari Street: Rs 3,800 per sq.ft (2024)
• Puzhal Munuswamy Mudali Street: Rs 1,900 per sq.ft (2024)
• Pudu Street: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Raja Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value would be Rs 19,00,000. The stamp duty at 7% would amount to Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, bringing the total to Rs 1,71,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Raja Street?

The Sub Registrar Office covering Raja Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Sembiam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Raja Street?

The current guideline value of Raja Street is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 272 per sq.ft in 2002 to Rs 1,900 per sq.ft in 2024, showing a significant overall increase of 599% over the years.

What is the land classification for Raja Street?

The land classification for Raja Street is Residential Class II Type - I, which indicates its designation for residential use.

What are the stamp duty and registration fees for property in Raja Street?

For a property valued at Rs 19,00,000, the stamp duty would be Rs 1,33,000 and the registration fee would be Rs 38,000, totaling Rs 1,71,000.

Where is the Sub Registrar Office for Raja Street located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011, and it handles registrations for properties in this area.