Guideline Value for Rangarasapuram 2nd Street

Rangarasapuram 2nd Street guideline value

The current guideline value of Rangarasapuram 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Venkatapuram village, under the Adayar SRO, and is classified as Residential Class III Type - I.

How the guideline value of Rangarasapuram 2nd Street has changed

The guideline value for Rangarasapuram 2nd Street has undergone several revisions over the years. In 2002, the guideline value was Rs 896 per sq.ft, which increased to Rs 964 per sq.ft in 2003. Following this, the value saw significant growth, reaching Rs 2,250 per sq.ft in 2007, and then increasing to Rs 4,000 per sq.ft in 2012. However, it decreased to Rs 2,680 per sq.ft in 2017. The guideline value then rose to Rs 4,000 per sq.ft in 2023 before reaching the current rate of Rs 4,400 per sq.ft in 2024.

Between the revisions, the changes are notable. From 2002 to 2003, the increase was +8%. The value then surged by +133% from 2003 to 2007. The increase from 2007 to 2012 was +78%, but it fell by -33% from 2012 to 2017. The value rebounded with a +49% increase from 2017 to 2023, and finally, there was a +10% rise from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +391%.

Guideline values in Venkatapuram

In Venkatapuram, there are 36 streets under the Adayar SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 15,400 per sq.ft, with a median value of Rs 5,500 per sq.ft. The guideline value for Rangarasapuram 2nd Street is below this median.

• Rangarasapuram 1st Street: Rs 4,400 per sq.ft (2024)
• Rangarasapuram 3rd Street: Rs 4,400 per sq.ft (2024)
• Rangarasapuram 4th Street: Rs 4,400 per sq.ft (2024)
• Rangarasapuram 5th Street: Rs 4,400 per sq.ft (2024)
• Rangarasapuram 6th Street: Rs 4,400 per sq.ft (2024)
• Rangarasapuram 7th Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Rangarasapuram 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, making the total Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rangarasapuram 2nd Street?

The Sub Registrar Office that covers Rangarasapuram 2nd Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20, in the Chennai registration zone.

You can find your SRO for more details.

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

The guideline value is an essential factor in the registration process of property transactions in Venkatapuram. It serves as a benchmark for determining the minimum value for which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, it is crucial to be aware of the guideline value, as it can affect the overall costs involved in the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid any legal issues during registration.

Frequently asked questions

What is the current guideline value of Rangarasapuram 2nd Street?

The current guideline value of Rangarasapuram 2nd Street is Rs 4,400 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 896 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of +391% over the years.

What is the land classification for Rangarasapuram 2nd Street?

Rangarasapuram 2nd Street is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles registrations for Rangarasapuram 2nd Street?

The Adayar Sub Registrar Office is responsible for handling registrations for Rangarasapuram 2nd Street, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.