Guideline Value for Ravanan Nagar 3rd Street

Ravanan Nagar 3rd Street guideline value

The current guideline value of Ravanan Nagar 3rd 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 3rd Street has changed

The guideline value for Ravanan Nagar 3rd Street has undergone several revisions over the years. The earliest available figure is from the 2017 revision, which was Rs 1,340 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The latest revision in 2024 saw the guideline value increase further to Rs 2,200 per sq.ft, which is 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 in the register for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value 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, placing Ravanan Nagar 3rd Street's 2024 figure below this median.

• Ravanan Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 6th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Ravanan Nagar 3rd 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, charged at 7%, would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, resulting in a total of Rs 1,98,000. Please note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ravanan Nagar 3rd Street?

The Sub Registrar Office that covers Ravanan Nagar 3rd 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 during the registration of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value will be referenced to calculate the applicable duties and fees. It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Ravanan Nagar 3rd Street?

The current guideline value of Ravanan Nagar 3rd 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 from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 64% during this period.

What is the stamp duty for property in Ravanan Nagar 3rd Street?

The stamp duty for property in Ravanan Nagar 3rd Street is charged at 7% of the guideline value or the sale price, whichever is higher.

Where is the Velacheri Sub Registrar Office located?

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

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

Other streets in Madipakkam-1, such as Ravanan Nagar 2nd Street, 4th Street, 2nd Cross Street, 5th Street, 1st Street, and 6th Street, all have a guideline value of Rs 2,200 per sq.ft in 2024.