Guideline Value for Rasappa Chetty Street

Rasappa Chetty Street guideline value

The current guideline value of Rasappa Chetty Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, and is classified as Residential Special Type - I.

How the guideline value of Rasappa Chetty Street has changed

The guideline value for Rasappa Chetty Street has undergone several revisions over the years. In 2003, the guideline value was Rs 1,852 per sq.ft. This increased to Rs 2,000 per sq.ft in 2007, marking an increase of 8%. The value then saw a significant rise to Rs 5,500 per sq.ft in 2012, which was a 175% increase. However, it dropped to Rs 3,685 per sq.ft in 2017, reflecting a decrease of 33%. The value rose again to Rs 5,500 per sq.ft in 2023, followed by a further increase to Rs 6,000 per sq.ft in 2024, which is a 9% rise.

Overall, from 2003 to 2024, the guideline value has increased by 224%. It is important to note that the register has no figure for Rasappa Chetty Street for the year 2002.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value, 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, making the guideline value of Rasappa Chetty Street above the median.

• 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)
• Rangapillai Garden Street: Rs 3,800 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 Rasappa Chetty Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value would be Rs 60,00,000. The stamp duty at 7% would amount to Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total to Rs 5,40,000. It is important to note that the 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 Rasappa Chetty Street?

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

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

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

When a property is registered, the guideline value is used to calculate the fees based on the higher of the guideline value or the sale price. This ensures that the registration process remains transparent and standardized across the region.

Frequently asked questions

What is the current guideline value of Rasappa Chetty Street?

The current guideline value of Rasappa Chetty Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,852 per sq.ft in 2003 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 224% over the years.

What is the land classification of Rasappa Chetty Street?

Rasappa Chetty Street is classified as Residential Special Type - I, indicating its intended use for residential purposes.

Where can I find the Sub Registrar Office for Rasappa Chetty Street?

The Sub Registrar Office for Rasappa Chetty Street is located at No.11, Davidson Street, Sowcarpet, Chennai-01, Chennai registration zone.

How is the stamp duty calculated for properties in Muthiyalpet?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 60,00,000, the stamp duty would be Rs 4,20,000 at 7%.