Guideline Value for Rathna Nagar 1st Street

Rathna Nagar 1st Street guideline value

The current guideline value of Rathna Nagar 1st Street is Rs 14,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village and falls under the Chennai Central Joint I SRO. The land classification for this area is Residential Special Type - IV.

How the guideline value of Rathna Nagar 1st Street has changed

Over the years, the guideline value of Rathna Nagar 1st Street has seen several revisions. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 13,000 per sq.ft, which increased to Rs 14,300 per sq.ft in the 2024 revision, marking a change of +10%.

Prior to the 2023 revision, the register does not provide any figures for this street. The latest revision reflects a significant increase in the guideline value, indicating a rise in the valuation of properties in this area.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value is Rs 8,800 per sq.ft, and Rathna Nagar 1st Street's 2024 figure is above this median.

• Rathna Nagar 2st Street: Rs 14,300 per sq.ft (2024)
• Rathna Nagar: Rs 14,300 per sq.ft (2024)
• Rathna Nagar Main Road: Rs 14,300 per sq.ft (2024)
• Rathnam Street: Rs 8,700 per sq.ft (2024)
• Rathnam2st Street: Rs 8,700 per sq.ft (2024)
• Rathna Sabapathy Chetty Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Rathna Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 14,300 per sq.ft, the total guideline value amounts to Rs 1,43,00,000. The stamp duty at 7% would be Rs 10,01,000, and the registration fee at 2% would be Rs 2,86,000, bringing the total cost to Rs 12,87,000. 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 Rathna Nagar 1st Street?

The Sub Registrar Office that covers Rathna Nagar 1st Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value is a crucial factor in property transactions in Mylapore Part 1. It serves as a benchmark for determining the minimum value of a property, which is used for calculating stamp duty and registration fees during the transfer of property ownership.

When buying or selling a property, the guideline value helps ensure that the transaction is registered at a fair value, which is essential for both the buyer and seller. It is advisable to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Rathna Nagar 1st Street?

The current guideline value of Rathna Nagar 1st Street is Rs 14,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

From the 2023 revision to the 2024 revision, the guideline value increased from Rs 13,000 per sq.ft to Rs 14,300 per sq.ft, which is a change of +10%.

What is the land classification for Rathna Nagar 1st Street?

The land classification for Rathna Nagar 1st Street is Residential Special Type - IV.

Where can I find the Sub Registrar Office for Rathna Nagar 1st Street?

The Sub Registrar Office for Rathna Nagar 1st Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum value of a property for the purpose of calculating stamp duty and registration fees. It ensures that the property is registered at a fair value during the transaction process.