Guideline Value for Rathnam 1st Street

Rathnam 1st Street guideline value

The current guideline value of Rathnam 1st Street is Rs 8,700 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 Class I Type - III.

How the guideline value of Rathnam 1st Street has changed

The guideline value for Rathnam 1st Street has seen several revisions over the years. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017. In 2023, the guideline value was Rs 8,000 per sq.ft, which increased to Rs 8,700 per sq.ft in 2024, marking a change of +9%.

With the current figure of Rs 8,700 per sq.ft for 2024, Rathnam 1st Street is positioned below the median guideline value of Rs 8,800 per sq.ft for the 333 streets in Mylapore Part 1 under the Chennai Central Joint I SRO. The previous revision in 2023 was Rs 8,000 per sq.ft.

Guideline values in Mylapore Part 1

The guideline values in Mylapore Part 1 range from Rs 4,400 to Rs 25,300 per sq.ft, with a median of Rs 8,800 per sq.ft. Rathnam 1st Street's current guideline value is below this median. Here are some other streets in Mylapore Part 1:

• Rathnam2st Street: Rs 8,700 per sq.ft (2024)
• Rathna Chetty St: Rs 8,700 per sq.ft (2024)
• Rathnam Street: Rs 8,700 per sq.ft (2024)
• Rathna Nagar: Rs 14,300 per sq.ft (2024)
• Rathna Nagar 1st Street: Rs 14,300 per sq.ft (2024)
• Rathna Nagar 2st Street: Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in Rathnam 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,700 per sq.ft, the total guideline value would be Rs 87,00,000. The stamp duty at 7% would amount to Rs 6,09,000, and the registration fee at 2% would be Rs 1,74,000, bringing the total to Rs 7,83,000. It's important to note that duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rathnam 1st Street?

The Sub Registrar Office that covers Rathnam 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 details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Mylapore Part 1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of property registration.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, facilitating transparency in property dealings. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Rathnam 1st Street?

The current guideline value of Rathnam 1st Street is Rs 8,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, representing a change of +9%.

What is the median guideline value for streets in Mylapore Part 1?

The median guideline value for the 333 streets in Mylapore Part 1 is Rs 8,800 per sq.ft, which is above the current value of Rathnam 1st Street.

What are the stamp duty and registration fees for a property in Rathnam 1st Street?

For a property valued at Rs 87,00,000, the stamp duty would be Rs 6,09,000 and the registration fee would be Rs 1,74,000, totaling Rs 7,83,000.

Which office handles the registration for Rathnam 1st Street?

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