Guideline Value for Rathna Sabapathy Chetty Street

Rathna Sabapathy Chetty Street guideline value

The current guideline value of Rathna Sabapathy Chetty Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 2 village under the Chennai Central Joint I SRO, classified as Residential Class II Type - I.

How the guideline value of Rathna Sabapathy Chetty Street has changed

The guideline value for Rathna Sabapathy Chetty Street has seen several revisions over the years. The most recent revision in 2024 set the guideline value at Rs 7,700 per sq.ft, which is an increase of 10% from the 2023 revision of Rs 7,000 per sq.ft. The register has no figures for the years 2017, 2012, 2007, 2003, and 2002.

In summary, the 2023 guideline value was Rs 7,000 per sq.ft, while the 2024 revision reflects a notable increase to Rs 7,700 per sq.ft. This change highlights the adjustments made in the guideline values over the recent years.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO that carry a 2024 guideline value ranging from Rs 4,400 to Rs 25,300 per sq.ft, with a median value of Rs 8,800 per sq.ft. Rathna Sabapathy Chetty Street's 2024 figure is below this median.

• Rathna Nagar Main Road: Rs 14,300 per sq.ft (2024)
• Rathna Nagar 2st Street: Rs 14,300 per sq.ft (2024)
• Rathna Nagar 1st Street: Rs 14,300 per sq.ft (2024)
• Rathna Nagar: 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)

Stamp duty and registration fee for property in Rathna Sabapathy Chetty Street

For a 1,000 sq.ft plot at the current rate of Rs 7,700 per sq.ft, the guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total to Rs 6,93,000. 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 further calculations.

Which Sub Registrar Office covers Rathna Sabapathy Chetty Street?

The Sub Registrar Office that covers Rathna Sabapathy Chetty 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 2

The guideline value is a critical factor in property transactions, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price.

When registering a property, the guideline value ensures that the transaction is documented at a fair price, reflecting the local market conditions. This process helps maintain transparency and accountability in property dealings within Mylapore Part 2.

Frequently asked questions

What is the current guideline value of Rathna Sabapathy Chetty Street?

The current guideline value of Rathna Sabapathy Chetty Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 7,000 per sq.ft in 2023 to Rs 7,700 per sq.ft in 2024. There are no figures available for the years 2017, 2012, 2007, 2003, and 2002.

What is the land classification of Rathna Sabapathy Chetty Street?

Rathna Sabapathy Chetty Street is classified as Residential Class II Type - I under the Chennai Central Joint I SRO.

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

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, and the registration fee is 2%. For example, for a property valued at Rs 77,00,000, the total fees would amount to Rs 6,93,000.

Which office handles the registration for Rathna Sabapathy Chetty Street?

The Chennai Central Joint I Sub Registrar Office handles the registration for Rathna Sabapathy Chetty Street, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.