Guideline Value for Ravanan Nagar 2nd Cross Street

Ravanan Nagar 2nd Cross Street guideline value

The current guideline value of Ravanan Nagar 2nd 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, and is classified as Residential Class II Type - I.

How the guideline value of Ravanan Nagar 2nd Cross Street has changed

The guideline value for Ravanan Nagar 2nd Cross Street has undergone several revisions over the years. The oldest recorded figure is from the 2017 revision, which was Rs 1,340 per sq.ft. This value increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 has set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that have a guideline value for 2024, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, which means that the guideline value of Ravanan Nagar 2nd Cross Street is below this median.

• Ravanan Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar: 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 2nd 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 would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost for these fees 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 detailed calculations.

Which Sub Registrar Office covers Ravanan Nagar 2nd Cross Street?

The Sub Registrar Office that covers Ravanan Nagar 2nd Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the property registration process in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value as per government regulations.

When buying or selling property, the guideline value is used to calculate applicable duties and fees, including stamp duty and registration fees. This ensures that both buyers and sellers are aware of the financial implications of the transaction based on the established guideline value.

Frequently asked questions

What is the current guideline value of Ravanan Nagar 2nd Cross Street?

The current guideline value of Ravanan Nagar 2nd Cross Street is Rs 2,200 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 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 64% over this period.

What are the other streets in Madipakkam-1 with the same guideline value?

Other streets in Madipakkam-1 that share the same guideline value of Rs 2,200 per sq.ft include Ravanan Nagar 1st Street, Ravanan Nagar 2nd Street, Ravanan Nagar 1st Cross Street, Ravanan Nagar 3rd Street, Ravanan Nagar, and Ravanan Nagar 4th Street.

How is stamp duty calculated for properties in Ravanan Nagar 2nd Cross Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For instance, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000.

Where can I find more information about the Sub Registrar Office?

The Velacheri Sub Registrar Office covers Ravanan Nagar 2nd Cross Street. You can find more information about this office at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.