Guideline Value for Raja Street

Raja Street guideline value

The current guideline value of Raja Street in Madipakkam-1 village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Velacheri SRO and is classified as Residential Class II Type - I.

How the guideline value of Raja Street has changed

In the 2017 revision, the guideline value for Raja Street was Rs 1,340 per sq.ft. This figure increased significantly to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 saw another increase of 10%, bringing the value to Rs 2,200 per sq.ft.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for Raja Street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. Raja Street's 2024 figure of Rs 2,200 per sq.ft is below this median.

• Rajeshwari 2nd Street: Rs 2,200 per sq.ft (2024)
• Rajeshwari 3rd Street: Rs 2,200 per sq.ft (2024)
• Rajeshwari 4th Street: Rs 2,200 per sq.ft (2024)
• Rajeshwari 5th Street: Rs 2,200 per sq.ft (2024)
• Rajeshwari Avenue: Rs 2,200 per sq.ft (2024)
• Rajarajeswari Nagar (Sri): Rs 2,200 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 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost to Rs 1,98,000. It is important to note that 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?

Raja Street is covered by 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 plays a crucial role in the registration process of property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that buyers and sellers must pay when transferring property ownership.

When a property is sold, the guideline value is taken into account to ensure that the transaction is registered at a fair value. This helps in maintaining transparency in property dealings and ensures compliance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Raja Street?

The current guideline value of Raja Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 1,340 per sq.ft in 2017 to Rs 2,000 per sq.ft in 2023, and then to Rs 2,200 per sq.ft in 2024. This represents a total increase of 64% from 2017 to 2024.

What is the land classification of Raja Street?

Raja Street is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

What are the other streets in Madipakkam-1 with the same guideline value?

Other streets in Madipakkam-1, such as Rajeshwari 2nd, 3rd, 4th, and 5th Streets, as well as Rajeshwari Avenue and Rajarajeswari Nagar (Sri), all have a guideline value of Rs 2,200 per sq.ft for 2024.

Where can I find the Sub Registrar Office for Raja Street?

The Velacheri Sub Registrar Office covers Raja Street and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.