Guideline Value for Rangoon Street (Slum Area)

Rangoon Street (Slum Area) guideline value

The current guideline value for Rangoon Street (Slum Area) is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Rangoon Street (Slum Area) has changed

Over the years, the guideline value for Rangoon Street has seen several revisions. The 2007 revision set the value at Rs 1,500 per sq.ft, which increased significantly to Rs 6,000 per sq.ft in 2012. However, there was a decrease to Rs 4,020 per sq.ft in 2017. The 2023 revision brought the value up to Rs 6,000 per sq.ft, and the most recent 2024 revision has set it at Rs 6,600 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, the value increased by 49%, while the jump from 2012 to 2017 was a decline of 33%. The substantial increase from 2007 to 2012 of 300% reflects a notable change in the guideline value. Overall, from 2007 to 2024, the guideline value has increased by 340%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO, with guideline values ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, indicating that the 2024 figure for Rangoon Street is below this median.

• Ranganathan Street: Rs 7,700 per sq.ft (2024)
• Ramasamy Street: Rs 7,700 per sq.ft (2024)
• Ramanujam Street: Rs 7,700 per sq.ft (2024)
• Ramanathan Street: Rs 8,800 per sq.ft (2024)
• Ramanaicken Street: Rs 8,800 per sq.ft (2024)
• Ramanaicken Lane (Ramalane): Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Rangoon Street (Slum Area)

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty, charged at 7%, would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total fees together to Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Rangoon Street (Slum Area)?

The Sub Registrar Office that covers Rangoon Street (Slum Area) is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. For more information, you can find your SRO.

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

The guideline value is an essential benchmark used during the registration of property transactions in Nungambakkam. It serves as a basis for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value helps to determine the minimum value at which a property can be registered. This ensures transparency in property transactions and helps in preventing undervaluation of properties.

Frequently asked questions

What is the current guideline value of Rangoon Street (Slum Area)?

The current guideline value of Rangoon Street (Slum Area) is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 340% over the years.

What are the stamp duty and registration fees for property in Rangoon Street (Slum Area)?

For a 1,000 sq.ft plot, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000, based on the current guideline value.

Which Sub Registrar Office handles registrations for Rangoon Street (Slum Area)?

The Chennai Central Joint II Sub Registrar Office handles registrations for Rangoon Street (Slum Area), located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the significance of the guideline value in property transactions?

The guideline value is crucial for determining the minimum registration value of a property and calculating the applicable stamp duty and registration fees, ensuring compliance with government regulations during property transactions.