Guideline Value for Rayapettai Lakepan Road

Rayapettai Lakepan Road guideline value

The current guideline value of Rayapettai Lakepan Road is Rs 2,200 per sq.ft, effective from 1 July 2024. This road is located in Nemilicherry village, under the Pallavaram SRO, and is classified as Residential Class I Type - III.

How the guideline value of Rayapettai Lakepan Road has changed

The guideline value for Rayapettai Lakepan Road has seen several revisions over the years. The 2007 revision set the value at Rs 250 per sq.ft, which was a significant increase from the previous years, as there are no figures available for 2002 and 2003. The value then rose dramatically to Rs 2,200 per sq.ft in the 2012 revision, marking a 780% increase from 2007.

Following the 2012 revision, the value decreased to Rs 1,474 per sq.ft in 2017, representing a decline of 33%. However, the value rebounded to Rs 2,000 per sq.ft in the 2023 revision, and the latest revision in 2024 shows an increase to Rs 2,200 per sq.ft, reflecting a 10% rise from 2023.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO with a guideline value range from Rs 1,100 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,160 per sq.ft, placing Rayapettai Lakepan Road's 2024 figure above this median.

• Ravi Street: Rs 2,200 per sq.ft (2024)
• Ranganathan Street: Rs 2,160 per sq.ft (2024)
• Rk Nagar: Rs 2,160 per sq.ft (2024)
• Ramaswamy Street: Rs 2,420 per sq.ft (2024)
• Royapettai 1 & 2 Cross Street: Rs 2,200 per sq.ft (2024)
• Royapettai Odai 3rd Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Rayapettai Lakepan Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, leading to a total of 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.

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

Which Sub Registrar Office covers Rayapettai Lakepan Road?

The Sub Registrar Office covering Rayapettai Lakepan Road is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nemilicherry. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Rayapettai Lakepan Road?

The current guideline value of Rayapettai Lakepan Road 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 from Rs 250 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 780% over the years.

What is the land classification for Rayapettai Lakepan Road?

Rayapettai Lakepan Road is classified as Residential Class I Type - III.

Where can I find the Sub Registrar Office for Rayapettai Lakepan Road?

The Sub Registrar Office for Rayapettai Lakepan Road is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Rayapettai Lakepan Road?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000.