Guideline Value for Ravanaiar Street

Ravanaiar Street guideline value

The current guideline value of Ravanaiar Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village, under the Sowcarpet Sub Registrar Office (SRO). The land classification for this area is Residential Class I Type - I.

How the guideline value of Ravanaiar Street has changed

The guideline value for Ravanaiar Street has seen several revisions over the years. The earliest recorded revision was in 2007, with a guideline value of Rs 1,200 per sq.ft. This value increased significantly to Rs 4,000 per sq.ft in 2012, marking a rise of 233%. However, the value then decreased to Rs 2,680 per sq.ft in 2017, a drop of 33%. The subsequent revision in 2023 brought the value to Rs 4,000 per sq.ft, which was a substantial increase of 49%. The most recent revision in 2024 has set the guideline value at Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for Ravanaiar Street for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 267%.

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 guideline value is Rs 4,400 per sq.ft, which is equal to the guideline value of Ravanaiar Street.

• Rattan Bazzar Road: Rs 13,000 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 Ravanaiar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost for these fees to Rs 3,96,000. It is important to note that the 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 further assistance.

Which Sub Registrar Office covers Ravanaiar Street?

The Sub Registrar Office that covers Ravanaiar Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Muthiyalpet, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value serves as a benchmark for calculating stamp duty and registration fees.

During the registration process, the buyer must pay the applicable 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 in the area.

Frequently asked questions

What is the current guideline value of Ravanaiar Street?

The current guideline value of Ravanaiar Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 267% over the years.

What is the median guideline value in Muthiyalpet?

The median guideline value in Muthiyalpet is Rs 4,400 per sq.ft, which is the same as the guideline value for Ravanaiar Street.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in Ravanaiar Street is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sowcarpet Sub Registrar Office located?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01.