Guideline Value for Ravi Street

Ravi Street guideline value

The current guideline value of Ravi Street is Rs 4,400 per sq.ft, effective from 1 July 2024. It is located in Velachery village under the Velacheri SRO, classified as Residential Class II Type - II.

How the guideline value of Ravi Street has changed

The guideline value for Ravi Street has undergone significant changes over the years. In the 2002 revision, the value was Rs 419 per sq.ft, which saw a dramatic increase to Rs 2,680 per sq.ft in 2017, marking a change of +540%. The value further increased to Rs 4,000 per sq.ft in 2023, reflecting a +49% rise from the previous revision. The most recent revision in 2024 set the guideline value at Rs 4,400 per sq.ft, an increase of +10% from 2023.

It is important to note that there are no figures available for the years 2003, 2007, and 2012 in the register for this street. Overall, from the 2002 revision to the 2024 revision, the guideline value has increased by +950%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is the same as the current value for Ravi Street.

• Renganathan Street: Rs 4,400 per sq.ft (2024)
• Rani Street: Rs 4,400 per sq.ft (2024)
• Rettaipillaiyar Koil Street: Rs 4,950 per sq.ft (2024)
• Revenue Road 1st Street: Rs 3,850 per sq.ft (2024)
• Revenue Road 2nd Street: Rs 3,850 per sq.ft (2024)
• Revenue Road 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ravi Street

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

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

Which Sub Registrar Office covers Ravi Street?

The Sub Registrar Office that covers Ravi 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 Velachery

The guideline value plays a crucial role in property transactions in Velachery. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees, which are essential components of the registration process.

It is important for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of the transaction. The guideline value is regularly updated, reflecting changes in the real estate market and land classification.

Frequently asked questions

What is the current guideline value of Ravi Street?

The current guideline value of Ravi 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 increased from Rs 419 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of +950%.

What is the land classification for Ravi Street?

Ravi Street is classified as Residential Class II Type - II under the Velacheri SRO.

What are the stamp duty and registration fees for property in Ravi Street?

For a 1,000 sq.ft plot at the current rate, the total guideline value is Rs 44,00,000, with a stamp duty of Rs 3,08,000 and a registration fee of Rs 88,000, totaling Rs 3,96,000.

Where is the Sub Registrar Office for Ravi Street located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.