Guideline Value for Raju Naicken Street

Raju Naicken Street guideline value

The current guideline value of Raju Naicken Street is Rs 8,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 2 village and falls under the Chennai Central Joint I SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Raju Naicken Street has changed

The guideline value for Raju Naicken Street has undergone several revisions over the years. The register has no figure for this street in 2002, 2003, 2007, 2012, and 2017. The most recent figures show a guideline value of Rs 8,000 per sq.ft in 2023, which increased to Rs 8,700 per sq.ft in 2024, marking a change of +9%.

Prior to the 2023 revision, there were no recorded figures for the years mentioned. The guideline value for 2024 is set at Rs 8,700 per sq.ft, which is below the median value of Rs 8,800 per sq.ft for the 332 streets in Mylapore Part 2 under the Chennai Central Joint I SRO.

Guideline values in Mylapore Part 2

In Mylapore Part 2, the guideline values range from Rs 4,400 to Rs 25,300 per sq.ft, with a median of Rs 8,800 per sq.ft. Raju Naicken Street's 2024 figure of Rs 8,700 per sq.ft is below this median. Here are some other streets in Mylapore Part 2:

• Ramalingam Street: Rs 7,700 per sq.ft (2024)
• Ramalingeswarar Koil Lane: Rs 7,700 per sq.ft (2024)
• Ramalingeswarar Koil Lane Slum: Rs 7,700 per sq.ft (2024)
• Ramalingeswarar Koil Street: Rs 7,700 per sq.ft (2024)
• Ramasamy 1st Steet: Rs 8,700 per sq.ft (2024)
• Ramasamy 2st Steet: Rs 8,700 per sq.ft (2024)

Stamp duty and registration fee for property in Raju Naicken Street

For a 1,000 sq.ft plot at the current rate of Rs 8,700 per sq.ft, the guideline value would be Rs 87,00,000. The stamp duty at 7% would amount to Rs 6,09,000, and the registration fee at 2% would be Rs 1,74,000, totaling Rs 7,83,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Raju Naicken Street?

The Sub Registrar Office that covers Raju Naicken Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value is a crucial factor when registering property in Mylapore Part 2. It serves as the basis for calculating the stamp duty and registration fees that need to be paid during the property transaction process.

When you buy or sell property, the guideline value helps determine the official valuation of the property, ensuring that both the buyer and seller are aware of the minimum value recognized by the government for taxation purposes. This value is essential for maintaining transparency in real estate transactions.

Frequently asked questions

What is the current guideline value of Raju Naicken Street?

The current guideline value of Raju Naicken Street is Rs 8,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Raju Naicken Street was Rs 8,000 per sq.ft in 2023 and increased to Rs 8,700 per sq.ft in 2024, reflecting a change of +9%. There are no figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Raju Naicken Street?

The land classification for Raju Naicken Street is Residential Class I Type - III.

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

For a property valued at Rs 87,00,000, the stamp duty would be Rs 6,09,000, and the registration fee would be Rs 1,74,000, totaling Rs 7,83,000. Duty is charged on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Raju Naicken Street?

The Sub Registrar Office for Raju Naicken Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.