Guideline Value for Rathnam Street

Rathnam Street guideline value

The current guideline value of Rathnam Street is Rs 8,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 2 village under the Chennai Central Joint I SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Rathnam Street has changed

The guideline value for Rathnam Street has undergone several revisions over the years. 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 8,000 per sq.ft, and in the latest 2024 revision, it increased to Rs 8,700 per sq.ft, reflecting a change of +9%.

This increase from 2023 to 2024 indicates a shift in the valuation of properties in the area, with the current figure now standing at Rs 8,700 per sq.ft.

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. The median guideline value for this area is Rs 8,800 per sq.ft, placing Rathnam Street's 2024 figure below that median.

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

Stamp duty and registration fee for property in Rathnam Street

For a 1,000 sq.ft plot at the current rate of Rs 8,700 per sq.ft, the guideline value amounts to Rs 87,00,000. The stamp duty is charged at 7%, totaling Rs 6,09,000, while the registration fee at 2% amounts to Rs 1,74,000. Together, the total cost for stamp duty and registration fee is Rs 7,83,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Rathnam Street?

The Sub Registrar Office that covers Rathnam 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 plays a crucial role in property transactions in Mylapore Part 2. It is used to determine the stamp duty and registration fees payable during the sale or purchase of property. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When registering a property, the guideline value is considered alongside the sale price. The higher of the two values is used to calculate the applicable duties and fees, making it essential for both parties to understand the current guideline value in their area.

Frequently asked questions

What is the current guideline value of Rathnam Street?

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

How has the guideline value changed over the years?

The guideline value for Rathnam Street was Rs 8,000 per sq.ft in 2023 and increased to Rs 8,700 per sq.ft in 2024, marking a +9% change.

What is the median guideline value in Mylapore Part 2?

The median guideline value in Mylapore Part 2 is Rs 8,800 per sq.ft, which is higher than the current value of Rathnam Street.

What are the stamp duty and registration fees for properties on Rathnam Street?

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

Which office handles the registration for Rathnam Street?

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