Guideline Value for Raji Street

Raji Street guideline value

The current guideline value of Raji Street, located in Virugambakkam village, is Rs 2,750 per sq.ft. This value is effective from 1 July 2024. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Raji Street has changed

The guideline value for Raji Street has undergone several revisions over the years. In 2002, the guideline value was Rs 517 per sq.ft, which increased to Rs 573 per sq.ft in 2003, marking an increase of 11%. The value then rose to Rs 750 per sq.ft in 2007, reflecting a significant increase of 31%. Following that, the value saw a substantial jump to Rs 2,500 per sq.ft in 2012, which was a 233% increase. However, it decreased to Rs 1,675 per sq.ft in 2017, representing a decline of 33%. The guideline value then increased to Rs 2,500 per sq.ft in 2023, and the most recent revision in 2024 set it at Rs 2,750 per sq.ft, a rise of 10%.

Overall, from 2002 to 2024, the guideline value has increased by 432%. There are no figures available for revisions in the years not listed for this street.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value among these streets is Rs 4,400 per sq.ft, placing Raji Street's 2024 figure below that median.

• Rajeshwari Colony (Near Arcot Road): Rs 4,950 per sq.ft (2024)
• RajivGandhi Street: Rs 3,300 per sq.ft (2024)
• Rajalakshmi Avenue: Rs 6,600 per sq.ft (2024)
• Rajaji Colony (Near SBI Colony): Rs 4,400 per sq.ft (2024)
• Ramasamy Road: Rs 8,800 per sq.ft (2024)
• P.V.Rjamannar Salai: Rs 7,150 per sq.ft (2024)

Stamp duty and registration fee for property in Raji Street

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost would be Rs 2,47,500. It is important to 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 accurate calculations.

Which Sub Registrar Office covers Raji Street?

The Sub Registrar Office that covers Raji Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Virugambakkam. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration requirements.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. These fees are based on the higher of the guideline value or the agreed sale price, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Raji Street?

The current guideline value of Raji Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent increase being from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024.

What is the land classification for Raji Street?

Raji Street is classified as Residential Class IV Type - II, which indicates its suitability for residential purposes.

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

The Sub Registrar Office for Raji Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in Raji Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 27,50,000 would incur a stamp duty of Rs 1,92,500 at a rate of 7%.