Guideline Value for Ravi Colony 54th Main Road

Ravi Colony 54th Main Road guideline value

The current guideline value of Ravi Colony 54th Main Road is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Ravi Colony 54th Main Road has changed

The guideline value for Ravi Colony 54th Main Road has undergone several revisions over the years. The earliest recorded revision was in 2002, with a guideline value of Rs 357 per sq.ft. This increased to Rs 474 per sq.ft in 2003, marking a change of +33%. The value continued to rise significantly to Rs 1,100 per sq.ft in 2007, reflecting an increase of +132%. In 2012, the guideline value was recorded at Rs 4,000 per sq.ft, showing a substantial increase of +264% from the previous revision.

Following this, the guideline value dropped to Rs 2,680 per sq.ft in 2017, which was a decrease of -33%. The next revision in 2023 saw an increase to Rs 4,000 per sq.ft, and finally, the current value is Rs 4,400 per sq.ft as of 2024, which is an increase of +10% from the previous year. Overall, from 2002 to 2024, the guideline value has risen by +1132%.

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 for the village is Rs 3,850 per sq.ft, placing Ravi Colony 54th Main Road above this median.

• Ravi Colony 51st Main Road: Rs 4,400 per sq.ft (2024)
• Ravi Colony 5th Street: Rs 4,400 per sq.ft (2024)
• Ravi Colony 4th Street: Rs 4,400 per sq.ft (2024)
• Ravi Colony 3rd Street: Rs 4,400 per sq.ft (2024)
• Ravi Colony Cross Street S.No.420: Rs 4,400 per sq.ft (2024)
• Ravi Colony 2nd Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Ravi Colony 54th Main Road

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, while the registration fee at 2% would be Rs 88,000, bringing the total to 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 details.

Which Sub Registrar Office covers Ravi Colony 54th Main Road?

The Sub Registrar Office that covers Ravi Colony 54th Main Road 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. You can find your SRO for more information.

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 consider this value to ensure compliance with legal requirements during the transaction.

Additionally, the guideline value influences the stamp duty and registration fees applicable to the property. It is essential for both parties to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Ravi Colony 54th Main Road?

The current guideline value of Ravi Colony 54th Main Road 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, representing an overall increase of +1132%.

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 51st Main Road, Ravi Colony 5th Street, Ravi Colony 4th Street, Ravi Colony 3rd Street, Ravi Colony Cross Street S.No.420, and Ravi Colony 2nd Street.

Where can I find the Sub Registrar Office for Ravi Colony 54th Main Road?

The Sub Registrar Office for Ravi Colony 54th Main Road 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 the stamp duty calculated for properties in Ravi Colony 54th Main Road?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 44,00,000, the stamp duty would be Rs 3,08,000.