Guideline Value for Rangapillai Garden Street

Rangapillai Garden Street guideline value

The current guideline value of Rangapillai Garden Street is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Rangapillai Garden Street has changed

The guideline value for Rangapillai Garden Street has undergone several revisions over the years. The earliest available figure is from 2003, when the value was Rs 797 per sq.ft. This increased to Rs 1,000 per sq.ft in 2007, marking a 25% rise. In 2012, the value was Rs 3,500 per sq.ft, which represented a significant increase of 250%. However, this was followed by a decrease to Rs 2,345 per sq.ft in 2017, amounting to a decline of 33%.

From 2017 to 2023, the value saw a substantial increase to Rs 3,500 per sq.ft, reflecting a 49% rise. The most recent revision in 2024 set the guideline value at Rs 3,800 per sq.ft, which is a 9% increase from the previous year. The register has no figure for this street in 2002.

Guideline values in Muthiyalpet

Muthiyalpet village has a total of 357 streets under the Sowcarpet SRO, with guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Rangapillai Garden Street's 2024 figure below this median.

• Rasappa Chetty Street: Rs 6,000 per sq.ft (2024)
• Rathina Mudaly Street: Rs 4,400 per sq.ft (2024)
• Rattan Bazzar Road: Rs 13,000 per sq.ft (2024)
• Ravanaiar Street: Rs 4,400 per sq.ft (2024)
• Reddy Raman Street: Rs 6,600 per sq.ft (2024)
• Reliance Rice Mill Road: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Rangapillai Garden Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty at 7% would amount to Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, resulting in a total of Rs 3,42,000. 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 more details.

Which Sub Registrar Office covers Rangapillai Garden Street?

The Sub Registrar Office that covers Rangapillai Garden Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property transactions.

When a property is sold, the buyer and seller must consider the guideline value to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Rangapillai Garden Street?

The current guideline value of Rangapillai Garden Street is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 797 per sq.ft in 2003 to Rs 3,800 per sq.ft in 2024, reflecting an overall increase of 377% over the years.

What is the median guideline value in Muthiyalpet?

The median guideline value for streets in Muthiyalpet is Rs 4,400 per sq.ft, which is higher than the current value of Rangapillai Garden Street.

What are the stamp duty rates for properties in Rangapillai Garden Street?

The stamp duty for properties in Rangapillai Garden Street is charged at 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office located for Rangapillai Garden Street?

The Sowcarpet Sub Registrar Office, which covers Rangapillai Garden Street, is located at No.11, Davidson Street, Sowcarpet, Chennai-01.