Guideline Value for Ravanan Nagar 2nd Street

Ravanan Nagar 2nd Street guideline value

The current guideline value of Ravanan Nagar 2nd Street is Rs 2,200 per sq.ft as per the 2024 revision, 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 2nd Street has changed

The guideline value for Ravanan Nagar 2nd Street has undergone several revisions. The earliest recorded figure is from the 2017 revision, which set the value at Rs 1,340 per sq.ft. This figure 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 further increased the value to Rs 2,200 per sq.ft, representing 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 figures available for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are a total of 1823 streets under the Velacheri SRO, with the 2024 guideline values 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, placing Ravanan Nagar 2nd Street's 2024 figure below the median.

• Ravanan Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 5th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Ravanan Nagar 2nd 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, bringing the total to 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ravanan Nagar 2nd Street?

The Sub Registrar Office that covers Ravanan Nagar 2nd 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 details.

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

The guideline value is a crucial factor during the registration of property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is registered, the guideline value is used to calculate the applicable fees based on the current value per sq.ft. This ensures that the fees are aligned with the official valuation set by the Registration Department.

Frequently asked questions

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

The current guideline value of Ravanan Nagar 2nd 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 increased 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 guideline values of other streets in Madipakkam-1?

Other streets in Madipakkam-1 have guideline values ranging from Rs 2,200 per sq.ft to Rs 2,200 per sq.ft in 2024, with the median value for the area being Rs 2,750 per sq.ft.

What is the registration fee for property transactions?

The registration fee for property transactions is calculated based on the guideline value, which in the case of Ravanan Nagar 2nd Street is Rs 2,200 per sq.ft.

Where can I find the Sub Registrar Office for Ravanan Nagar 2nd Street?

The Velacheri Sub Registrar Office covers Ravanan Nagar 2nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.