Guideline Value for Rani Street

Rani Street guideline value

The current guideline value of Rani Street, located in Velachery village under the Velacheri SRO, is Rs 4,400 per sq.ft as per the 2024 revision effective from 1 July 2024. The land classification for this street is Residential Class II Type - II.

How the guideline value of Rani Street has changed

Over the years, the guideline value for Rani Street has seen significant changes. The 2007 revision set the value at Rs 1,800 per sq.ft, which increased to Rs 2,680 per sq.ft in 2017, marking a 49% rise. The next revision in 2023 recorded a guideline value of Rs 4,000 per sq.ft, reflecting another 49% increase from the previous revision. The latest revision in 2024 has further raised the value to Rs 4,400 per sq.ft, a 10% increase from 2023. Notably, there are no figures available for the years 2002, 2003, and 2012 in the register for this street.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 144%. This consistent rise highlights the evolving nature of property values in the area.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with the 2024 guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which aligns with the current guideline value for Rani Street.

• Ranganathan Street, Gokulam Colony: Rs 4,400 per sq.ft (2024)
• Ranganathan Street Ganesh Nagar: Rs 3,850 per sq.ft (2024)
• Ravi Street: Rs 4,400 per sq.ft (2024)
• Ram Nagar Pump House Salai: Rs 4,400 per sq.ft (2024)
• Ram Nagar Pillaiyar Koil Street: Rs 4,400 per sq.ft (2024)
• Ram Nagar North Extn Main Road: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Rani 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 amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000, bringing the total fees together to 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rani Street?

The Sub Registrar Office that covers Rani Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately, reflecting the official value of the property. This value is essential for both buyers and sellers to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Rani Street?

The current guideline value of Rani 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 increased significantly from Rs 1,800 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 144%.

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

For a 1,000 sq.ft plot at the guideline value of Rs 4,400 per sq.ft, the total fees would be Rs 3,96,000, which includes stamp duty and registration fees.

Which Sub Registrar Office covers Rani Street?

The Velacheri Sub Registrar Office covers Rani Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Rani Street?

The land classification for Rani Street is Residential Class II Type - II.