Guideline Value for Rathnam2st Street

Rathnam2st Street guideline value

The current guideline value of Rathnam2st 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 Rathnam2st Street has changed

The guideline value for Rathnam2st Street has seen changes over the years. The register has no figure for the years 2002, 2003, 2007, 2012, and 2017. The most recent revisions show that 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%.

Prior to the 2023 revision, there were no recorded figures for Rathnam2st Street in the register for the years mentioned. The 2024 figure of Rs 8,700 per sq.ft is reflective of the current market conditions in the 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 value for these streets is Rs 8,800 per sq.ft, placing Rathnam2st Street's 2024 figure below this median.

• Rathnam 1st Street: 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 Chetty St: 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)

Stamp duty and registration fee for property in Rathnam2st 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 cost to Rs 7,83,000. It is important to note that the stamp duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Rathnam2st Street?

The Sub Registrar Office that covers Rathnam2st 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 during property registration in Mylapore Part 1. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when a property is bought or sold.

When registering a property, the buyer is required to pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Rathnam2st Street?

The current guideline value of Rathnam2st 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 Rathnam2st Street was Rs 8,000 per sq.ft in 2023 and increased to Rs 8,700 per sq.ft in 2024, reflecting a change of +9%.

What is the registration office for Rathnam2st Street?

The registration office for Rathnam2st Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

What are the stamp duty rates for properties in Rathnam2st Street?

The stamp duty for properties in Rathnam2st Street is charged at 7% of the guideline value or sale price, whichever is higher, along with a registration fee of 2%.

How does the guideline value affect property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. Buyers must pay these fees based on the higher of the guideline value or the sale price.