Guideline Value for Rattan Bazzar Road

Rattan Bazzar Road guideline value

The current guideline value of Rattan Bazzar Road is Rs 13,000 per sq.ft, effective from 1 July 2024. This road is located in Muthiyalpet village, under the Sowcarpet SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Rattan Bazzar Road has changed

The guideline value for Rattan Bazzar Road has seen several revisions over the years. In 2007, the value was Rs 5,500 per sq.ft, which increased significantly to Rs 12,000 per sq.ft in 2012, marking an increase of 118%. However, it then decreased to Rs 8,040 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 12,000 per sq.ft in 2023, and finally, it reached Rs 13,000 per sq.ft in the 2024 revision, reflecting an increase of 8% from the previous year. There are no figures available for the years 2002 and 2003 in the register for this street.

Overall, from 2007 to 2024, the guideline value has increased by 136%. The changes between the revisions indicate fluctuations, with the most significant increase occurring from 2017 to 2023, where the value rose by 49%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Rattan Bazzar Road's 2024 figure above this median.

• Ravanaiar Street: Rs 4,400 per sq.ft (2024)
• Rathina Mudaly Street: Rs 4,400 per sq.ft (2024)
• Reddy Raman Street: Rs 6,600 per sq.ft (2024)
• Rasappa Chetty Street: Rs 6,000 per sq.ft (2024)
• Reliance Rice Mill Road: Rs 4,400 per sq.ft (2024)
• Rangapillai Garden Street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Rattan Bazzar Road

For a 1,000 sq.ft plot at the current guideline value of Rs 13,000 per sq.ft, the total guideline value would be Rs 1,30,00,000. The stamp duty at 7% would amount to Rs 9,10,000, and the registration fee at 2% would be Rs 2,60,000, leading to a total of Rs 11,70,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rattan Bazzar Road?

The Sub Registrar Office that covers Rattan Bazzar Road is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01, in the Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process for property transactions in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in the buying and selling process.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees that need to be paid. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Rattan Bazzar Road?

The current guideline value of Rattan Bazzar Road is Rs 13,000 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 5,500 per sq.ft in 2007 to Rs 13,000 per sq.ft in 2024, reflecting an overall increase of 136%.

What is the median guideline value in Muthiyalpet?

The median guideline value in Muthiyalpet is Rs 4,400 per sq.ft, with Rattan Bazzar Road's current value being above this median.

What are the stamp duty and registration fees for property in Rattan Bazzar Road?

For a property valued at Rs 1,30,00,000, the stamp duty would be Rs 9,10,000, and the registration fee would be Rs 2,60,000, totaling Rs 11,70,000.

Which office handles registrations for Rattan Bazzar Road?

The Sowcarpet Sub Registrar Office handles registrations for Rattan Bazzar Road, located at No.11, Davidson Street, Sowcarpet, Chennai-01.