Guideline Value for Ravanan Nagar 4th Street

Ravanan Nagar 4th Street guideline value

The current guideline value of Ravanan Nagar 4th 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 4th Street has changed

The guideline value for Ravanan Nagar 4th Street has seen several revisions over the years. The oldest recorded revision is from 2017, where the guideline value was Rs 1,340 per sq.ft. This figure increased to Rs 2,000 per sq.ft in 2023, marking a significant rise of 49%. The latest revision in 2024 has set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

There are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%, illustrating a steady rise in the value of this property.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with 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, which means Ravanan Nagar 4th Street's current value is below this median.

• Ravanan Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 7th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Ravanan Nagar 4th 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 cost for these fees 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 on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ravanan Nagar 4th Street?

The Sub Registrar Office that covers Ravanan Nagar 4th 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 plays a crucial role in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring transparency in real estate transactions.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Ravanan Nagar 4th Street?

The current guideline value of Ravanan Nagar 4th 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, showing an overall increase of 64% over this period.

What are the stamp duty and registration fees for property in Ravanan Nagar 4th Street?

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 Sub Registrar Office covers Ravanan Nagar 4th Street?

The Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042, covers Ravanan Nagar 4th Street.

What is the median guideline value for streets in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft, which is higher than the current value of Ravanan Nagar 4th Street.