Guideline Value for Rettaipillaiyar Koil Street

Rettaipillaiyar Koil Street guideline value

The current guideline value of Rettaipillaiyar Koil Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - I.

How the guideline value of Rettaipillaiyar Koil Street has changed

The guideline value for Rettaipillaiyar Koil Street has undergone several revisions over the years. In 2002, the value was Rs 461 per sq.ft, which increased to Rs 517 per sq.ft in 2003, marking a 12% rise. The next significant increase occurred in 2017, when the guideline value jumped to Rs 3,015 per sq.ft, reflecting a substantial 483% increase from 2003. However, there are no figures available for the years 2007 and 2012.

In 2023, the guideline value was revised to Rs 4,500 per sq.ft, which represented a 49% increase from the previous figure in 2017. The most recent revision in 2024 set the guideline value at Rs 4,950 per sq.ft, a 10% increase from 2023. Overall, from 2002 to 2024, the guideline value has increased by 974%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, placing Rettaipillaiyar Koil Street's 2024 figure above the median.

• 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)
• Renganathan Street: Rs 4,400 per sq.ft (2024)
• Ravi Street: Rs 4,400 per sq.ft (2024)
• Rani Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Rettaipillaiyar Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value amounts to Rs 49,50,000. The stamp duty, calculated at 7%, would be Rs 3,46,500, while the registration fee at 2% would be Rs 99,000. Together, the total cost for stamp duty and registration fee would be Rs 4,45,500. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Rettaipillaiyar Koil Street?

Rettaipillaiyar Koil Street falls under the jurisdiction of 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 is a critical factor during the registration of properties in Velachery. It serves as a benchmark to determine the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling a property, the guideline value helps both parties understand the value of the property in the eyes of the law. It is essential for buyers to be aware of this value to ensure they are paying a fair price that aligns with the official valuation.

Frequently asked questions

What is the current guideline value of Rettaipillaiyar Koil Street?

The current guideline value of Rettaipillaiyar Koil Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 461 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, showing a significant overall increase of 974%.

What is the land classification for Rettaipillaiyar Koil Street?

Rettaipillaiyar Koil Street is classified as Residential Class II Type - I.

Where can I find the Velacheri Sub Registrar Office?

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

How is stamp duty calculated for properties on Rettaipillaiyar Koil Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate has a total guideline value of Rs 49,50,000, resulting in a stamp duty of Rs 3,46,500.