Guideline Value for Rajan Street

Rajan Street guideline value

The current guideline value of Rajan Street in Ramapuram village is Rs 3,100 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - I.

How the guideline value of Rajan Street has changed

The guideline value for Rajan Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 3,100 per sq.ft, an increase from Rs 2,800 per sq.ft in 2023, marking an 11% rise. Prior to that, in 2017, the value was Rs 1,876 per sq.ft, which means there was a significant increase of 49% from 2017 to 2023. The 2012 revision also recorded a value of Rs 2,800 per sq.ft, indicating a decrease of 33% from the 2017 figure.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 11%. It is important to note that the register has no figures for Rajan Street for the years 2002, 2003, and 2007.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value is Rs 3,100 per sq.ft, which is equal to the current guideline value of Rajan Street.

• Rajaram Street: Rs 2,750 per sq.ft (2024)
• Rajagopal Street: Rs 3,100 per sq.ft (2024)
• Rajeswari Street: Rs 3,100 per sq.ft (2024)
• Raghavendra Nagar: Rs 3,100 per sq.ft (2024)
• Rajiv Nagar: Rs 2,750 per sq.ft (2024)
• Ragavendra Nagar Main Road: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Rajan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,100 per sq.ft, the total guideline value would be Rs 31,00,000. The stamp duty at 7% would amount to Rs 2,17,000, while the registration fee at 2% would be Rs 62,000, bringing the total cost for these fees to Rs 2,79,000. It is important to note that 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 further calculations.

Which Sub Registrar Office covers Rajan Street?

The Sub Registrar Office that covers Rajan Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Ramapuram. It serves as a benchmark for determining the minimum value of a property, ensuring that the transaction is recorded at a fair value in the eyes of the law.

When a property is sold, the buyer and seller must adhere to the guideline value set by the Registration Department. This value is used to calculate the applicable stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Rajan Street?

The current guideline value of Rajan Street is Rs 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2023 to Rs 3,100 per sq.ft in 2024, and from Rs 1,876 per sq.ft in 2017 to Rs 2,800 per sq.ft in 2023.

What is the land classification of Rajan Street?

Rajan Street is classified as Residential Class II Type - I under the Chennai South Joint II SRO.

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

The Sub Registrar Office for Rajan Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Rajan Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 31,00,000, the stamp duty at 7% would be Rs 2,17,000.