Guideline Value for Ravanan Nagar 1st Cross Street

Ravanan Nagar 1st Cross Street guideline value

The current guideline value for Ravanan Nagar 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Ravanan Nagar 1st Cross Street has changed

The guideline value for Ravanan Nagar 1st Cross Street has undergone several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft, which increased to Rs 2,000 per sq.ft in 2023. The most recent revision in 2024 raised the guideline value to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, the value increased by 49%, and overall, from 2017 to 2024, it has risen by 64%. The register has no figure for this street for the years 2002, 2003, 2007, and 2012.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for the area is Rs 2,750 per sq.ft, making the current value for Ravanan Nagar 1st Cross Street below that median.

• Ravanan Nagar: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 4th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Ravanan Nagar 1st Cross Street

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 at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling 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.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ravanan Nagar 1st Cross Street?

The Sub Registrar Office that covers Ravanan Nagar 1st Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial reference for determining the stamp duty and registration fees when buying or selling property in Madipakkam-1. It ensures that the transaction is recorded at a value recognized by the government, which helps in maintaining transparency in real estate transactions.

When you register a property, the guideline value serves as a benchmark for the minimum value on which stamp duty is calculated. This ensures that all transactions reflect a fair value for taxation purposes.

Frequently asked questions

What is the current guideline value for Ravanan Nagar 1st Cross Street?

The current guideline value for Ravanan Nagar 1st Cross Street 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 changed from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 64% over this period.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft, which is higher than the current value for Ravanan Nagar 1st Cross Street.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where is the Sub Registrar Office located for Ravanan Nagar 1st Cross Street?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.