Guideline Value for Raja Street

Raja Street guideline value

The current guideline value of Raja Street in Velachery village, under the Velacheri SRO, is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - I.

How the guideline value of Raja Street has changed

Since the 2002 revision, the guideline value for Raja Street has seen significant changes. In 2002, the guideline value was Rs 371 per sq.ft, which increased to Rs 416 per sq.ft in 2003. The value then rose dramatically to Rs 1,500 per sq.ft in 2007, marking an increase of 261%. Following this, the 2012 revision saw a decrease to Rs 4,500 per sq.ft, a drop of 200% from the previous revision. The guideline value then fell further to Rs 3,015 per sq.ft in 2017, reflecting a decline of 33%. The most recent revision in 2024 shows a substantial increase to Rs 4,950 per sq.ft, which is a rise of 64% from 2017. It is important to note that the register has no figure for this street in 2023.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a guideline value for 2024 ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, and Raja Street's 2024 figure is above this median.

• Raja Sethupathypuram 2nd Cross street: Rs 3,850 per sq.ft (2024)
• Raja Sethupathypuram 1st Cross street: Rs 3,850 per sq.ft (2024)
• Raja Street in Seethapathy Nagar: Rs 4,950 per sq.ft (2024)
• Raj Bhavan Colony: Rs 13,200 per sq.ft (2024)
• Rajeshwari Nagar: Rs 3,850 per sq.ft (2024)
• Rajiv Gandhi Nagar Amman Koil Street: Rs 3,850 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 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty, charged at 7%, would amount to Rs 3,46,500, while the registration fee at 2% would be Rs 99,000. Together, the total cost for stamp duty and registration fees would be Rs 4,45,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Raja Street?

The Sub Registrar Office that covers Raja Street 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 Velachery

The guideline value plays a crucial role in the registration process for property transactions in Velachery. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. The fees are calculated based on the higher of the guideline value or the sale price of the property.

When selling property in Velachery, the guideline value helps establish a baseline for pricing. Buyers and sellers often refer to the guideline value to ensure that the transaction is compliant with local regulations and to avoid any disputes during registration.

Frequently asked questions

What is the current guideline value of Raja Street?

The current guideline value of Raja Street 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 from Rs 371 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, reflecting an overall increase of 1234% over this period.

What is the land classification of Raja Street?

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

What are the stamp duty rates for property in Raja Street?

The stamp duty for property transactions in Raja Street is charged at 7% of the guideline value or the sale price, whichever is higher.

Where is the Velacheri Sub Registrar Office located?

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