Guideline Value for Rathnasabhapathy Lane

Rathnasabhapathy Lane guideline value

The current guideline value of Rathnasabhapathy Lane is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Tondaiarpet village under the Royapuram SRO, classified as Residential Class I Type - I.

How the guideline value of Rathnasabhapathy Lane has changed

The guideline value for Rathnasabhapathy Lane has undergone several revisions over the years. The 2007 revision set the value at Rs 900 per sq.ft, which increased to Rs 1,340 per sq.ft in 2017, marking a 49% rise. However, the register has no figures for the years 2002, 2003, and 2012. The value then rose to Rs 2,000 per sq.ft in 2023, and with the latest revision in 2024, it has reached Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 144%. The significant jumps between revisions include a 49% increase from 2017 to 2023 and another 49% from 2007 to 2017. This consistent upward trend highlights the evolving valuation of properties in this area.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO, with guideline values ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, placing Rathnasabhapathy Lane's 2024 figure above this median.

• Rathnasabhapathy Street: Rs 2,200 per sq.ft (2024)
• Retta Kuzhi Street: Rs 1,600 per sq.ft (2024)
• Robinson colony 1st Lane: Rs 2,200 per sq.ft (2024)
• Robinson colony 2nd Lane: Rs 2,200 per sq.ft (2024)
• Rope Godown Street: Rs 2,200 per sq.ft (2024)
• Ramdass Nagar: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Rathnasabhapathy Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty, charged at 7%, would be Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, these fees total Rs 1,98,000. 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 Rathnasabhapathy Lane?

The Sub Registrar Office that covers Rathnasabhapathy Lane is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Tondaiarpet

The guideline value plays a crucial role in property transactions in Tondaiarpet. It is used to determine the stamp duty and registration fees payable at the time of property registration. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations and to avoid any discrepancies during the transaction process.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Rathnasabhapathy Lane?

The current guideline value of Rathnasabhapathy Lane is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 900 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, which is a total increase of 144% over the years.

What are the other streets in Tondaiarpet with similar guideline values?

Other streets in Tondaiarpet with similar guideline values include Rathnasabhapathy Street, Robinson colony 1st Lane, Robinson colony 2nd Lane, and Rope Godown Street, all valued at Rs 2,200 per sq.ft in 2024.

What is the registration fee for property in Rathnasabhapathy Lane?

The registration fee for property in Rathnasabhapathy Lane is calculated at 2% of the guideline value. For example, for a property valued at Rs 22,00,000, the registration fee would be Rs 44,000.

Where is the Sub Registrar Office located for Rathnasabhapathy Lane?

The Sub Registrar Office for Rathnasabhapathy Lane is located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.