Guideline Value for Ravi Colony 3rd Street

Ravi Colony 3rd Street guideline value

The current guideline value of Ravi Colony 3rd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village, under the Chennai South Joint II SRO, and is classified as Residential Class I Type - II.

How the guideline value of Ravi Colony 3rd Street has changed

The guideline value for Ravi Colony 3rd Street has seen several revisions over the years. The earliest recorded figure is from 2002, which was Rs 357 per sq.ft. This increased to Rs 474 per sq.ft in 2003, marking a 33% rise. The value then jumped significantly to Rs 1,100 per sq.ft in 2007, reflecting a 132% increase. Following this, the value rose to Rs 4,000 per sq.ft in 2012, which was a substantial 264% increase. However, it decreased to Rs 2,680 per sq.ft in 2017, showing a decline of 33%. The guideline value then increased again to Rs 4,000 per sq.ft in 2023, and most recently to Rs 4,400 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1,132%. There are no figures available for any revisions prior to 2002 or for any years not listed in the register.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 3,850 per sq.ft, placing Ravi Colony 3rd Street's 2024 figure above that median.

• Ravi Colony 2nd Street: Rs 4,400 per sq.ft (2024)
• Ravi Colony 4th Street: Rs 4,400 per sq.ft (2024)
• Ravi Colony 1st Street: Rs 4,400 per sq.ft (2024)
• Ravi Colony 51st Main Road: Rs 4,400 per sq.ft (2024)
• Ravi Colony 54th Main Road: Rs 4,400 per sq.ft (2024)
• Ravi Colony 5th Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Ravi Colony 3rd Street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, the total cost for these fees would be Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Ravi Colony 3rd Street?

The Sub Registrar Office that covers Ravi Colony 3rd Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in Parangimalai

The guideline value is a crucial factor in the registration process when buying or selling property in Parangimalai. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the transaction.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue based on the property's value, as determined by the guideline value register.

Frequently asked questions

What is the current guideline value of Ravi Colony 3rd Street?

The current guideline value of Ravi Colony 3rd Street is Rs 4,400 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 357 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 1,132% over the years.

What are the other streets in Parangimalai with the same guideline value?

Other streets in Parangimalai with the same guideline value of Rs 4,400 per sq.ft include Ravi Colony 1st Street, Ravi Colony 2nd Street, Ravi Colony 4th Street, Ravi Colony 51st Main Road, Ravi Colony 54th Main Road, and Ravi Colony 5th Street.

Where can I find the Sub Registrar Office for Ravi Colony 3rd Street?

The Sub Registrar Office for Ravi Colony 3rd Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Ravi Colony 3rd Street?

Stamp duty for properties in Ravi Colony 3rd Street is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at a rate of 7%.