Guideline Value for Ravi Garden 1st Street

Ravi Garden 1st Street guideline value

The current guideline value of Ravi Garden 1st Street is Rs 3,000 per sq.ft, effective from 1 July 2024. This street is located in Jampuli village under the Madhavaram SRO and is classified as Residential Class I Type - II.

How the guideline value of Ravi Garden 1st Street has changed

The guideline value for Ravi Garden 1st Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,200 per sq.ft, which remained unchanged until the 2017 revision, when it was adjusted to Rs 1,474 per sq.ft, reflecting a decrease of 33%. In the following years, the value increased significantly, reaching Rs 2,200 per sq.ft in 2023, and then rising to Rs 3,000 per sq.ft in the 2024 revision, marking a 36% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, comparing the 2012 revision to the 2024 revision, there has been a 36% increase in the guideline value. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Jampuli

In Jampuli village, there are 118 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,450 per sq.ft, placing the 2024 figure for Ravi Garden 1st Street above that median.

• Ravi Garden 2nd Street: Rs 3,000 per sq.ft (2024)
• Ravi Garden: Rs 3,000 per sq.ft (2024)
• Ravi Garden 3rd Street: Rs 3,000 per sq.ft (2024)
• Ravi Garden 4th Street: Rs 3,000 per sq.ft (2024)
• Ravi Garden Main Road: Rs 3,000 per sq.ft (2024)
• Riswan Road / Madhavaram Milk Colony / Road: Rs 2,900 per sq.ft (2024)

Stamp duty and registration fee for property in Ravi Garden 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,000 per sq.ft, the total guideline value amounts to Rs 30,00,000. The stamp duty at 7% would be Rs 2,10,000, and the registration fee at 2% would be Rs 60,000, bringing the total cost to Rs 2,70,000. Please note that the duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ravi Garden 1st Street?

The Sub Registrar Office that covers Ravi Garden 1st Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Jampuli. It serves as a benchmark for determining the stamp duty and registration fees that buyers and sellers must pay when completing a sale.

When a property is sold, the guideline value is considered alongside the actual sale price. The higher of the two amounts is used to calculate the applicable duties and fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Ravi Garden 1st Street?

The current guideline value of Ravi Garden 1st Street is Rs 3,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,200 per sq.ft in 2012 to Rs 1,474 per sq.ft in 2017, then to Rs 2,200 per sq.ft in 2023, and finally to Rs 3,000 per sq.ft in 2024.

What is the land classification for Ravi Garden 1st Street?

Ravi Garden 1st Street is classified as Residential Class I Type - II.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in this area is 7% of the guideline value or sale price, whichever is higher, along with a registration fee of 2%.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more information about it online.