Guideline Value for Ravanan Nagar 8th Street

Ravanan Nagar 8th Street guideline value

The current guideline value of Ravanan Nagar 8th 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, with a land classification of Residential Class II Type - I.

How the guideline value of Ravanan Nagar 8th Street has changed

The guideline value for Ravanan Nagar 8th Street has seen several revisions over the years. The earliest recorded figure is from the 2017 revision, which was Rs 1,340 per sq.ft. In the following years, the value increased significantly, reaching Rs 2,000 per sq.ft in the 2023 revision, and then to Rs 2,200 per sq.ft in the 2024 revision. Notably, there are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street.

From 2017 to 2023, the guideline value increased by 49%, and from 2023 to 2024, it rose by 10%. Overall, the increase from the 2017 revision to the 2024 revision is 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values for 2024 ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this village is Rs 2,750 per sq.ft, placing the 2024 figure for Ravanan Nagar 8th Street below that median.

• Ravanan Nagar 7th Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 2nd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Ravanan Nagar 8th 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 fees together 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.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Ravanan Nagar 8th Street?

The Sub Registrar Office that covers Ravanan Nagar 8th 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 critical factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

Frequently asked questions

What is the current guideline value of Ravanan Nagar 8th Street?

The current guideline value of Ravanan Nagar 8th 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 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, such as Ravanan Nagar 7th, 6th, 5th, 4th, 3rd, and 2nd Streets, also have a guideline value of Rs 2,200 per sq.ft for 2024.

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

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For a property valued at Rs 22,00,000, the total fees would be Rs 1,98,000.

Where can I find my Sub Registrar Office?

The Sub Registrar Office for Ravanan Nagar 8th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can check online for more details.