Guideline Value for Ravanan Nagar 1st Street

Ravanan Nagar 1st Street guideline value

The current guideline value of Ravanan Nagar 1st 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, and it falls under the Residential Class II Type - I land classification.

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

Looking at the historical revisions, the guideline value for Ravanan Nagar 1st Street was Rs 1,340 per sq.ft in 2017. This increased to Rs 2,000 per sq.ft in 2023, marking a significant rise of 49%. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the years 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO that carry a guideline value for 2024, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, positioning Ravanan Nagar 1st Street's 2024 figure below this median.

• Ravanan Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar: 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 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 our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ravanan Nagar 1st Street?

The Sub Registrar Office that covers Ravanan Nagar 1st 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 factor in the registration process when buying or selling property in Madipakkam-1. This value determines the minimum price at which the property can be registered and is used to calculate the applicable stamp duty and registration fees.

When a property transaction occurs, the guideline value serves as a benchmark for both buyers and sellers. It ensures that the property is not sold for less than the established guideline value, thereby maintaining transparency in property transactions.

Frequently asked questions

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

The current guideline value of Ravanan Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024, marking a total increase of 64% over this period.

What are the stamp duty and registration fees for properties in this area?

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.

Which office handles registration for Ravanan Nagar 1st Street?

The Velacheri Sub Registrar Office handles the registration for Ravanan Nagar 1st Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Ravanan Nagar 1st Street?

Ravanan Nagar 1st Street falls under the Residential Class II Type - I land classification.