Guideline Value for Reliance Rice Mill Road

Reliance Rice Mill Road guideline value

The current guideline value of Reliance Rice Mill Road is Rs 4,400 per sq.ft, effective from 1 July 2024. This road is located in Muthiyalpet village under the Sowcarpet SRO, classified as Residential Class I Type - I.

How the guideline value of Reliance Rice Mill Road has changed

Over the years, the guideline value of Reliance Rice Mill Road has seen several revisions. The earliest recorded figure was Rs 1,200 per sq.ft in 2007, which increased significantly to Rs 4,000 per sq.ft in 2012, marking a rise of 233%. However, this value dropped to Rs 2,680 per sq.ft in 2017, a decrease of 33%. The value then rose sharply to Rs 4,000 per sq.ft in 2023, reflecting a 49% increase, and it has now reached Rs 4,400 per sq.ft in the 2024 revision, a 10% increase from the previous year.

It is important to note that there are no recorded figures for this street in the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 267%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, which is the same as the guideline value for Reliance Rice Mill Road.

• Reddy Raman Street: Rs 6,600 per sq.ft (2024)
• Ravanaiar Street: Rs 4,400 per sq.ft (2024)
• Rattan Bazzar Road: Rs 13,000 per sq.ft (2024)
• Rathina Mudaly Street: Rs 4,400 per sq.ft (2024)
• Rasappa Chetty Street: Rs 6,000 per sq.ft (2024)
• Rangapillai Garden Street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Reliance Rice Mill Road

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total 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, these fees would total 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.

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

Which Sub Registrar Office covers Reliance Rice Mill Road?

The Sub Registrar Office that covers Reliance Rice Mill Road is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Muthiyalpet. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two values is used to calculate the applicable fees. This practice helps maintain transparency and fairness in property dealings within the region.

Frequently asked questions

What is the current guideline value of Reliance Rice Mill Road?

The current guideline value of Reliance Rice Mill 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 from Rs 1,200 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 267% over the years.

What is the land classification for Reliance Rice Mill Road?

Reliance Rice Mill Road is classified as Residential Class I Type - I.

Where can I find the Sowcarpet Sub Registrar Office?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is stamp duty calculated for properties in Muthiyalpet?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 44,00,000 would incur a stamp duty of Rs 3,08,000 at 7%.