Guideline Value for Rex Street

Rex Street guideline value

The current guideline value of Rex Street in Chindadripet village, under the Periamet SRO, is Rs 2,500 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class IV Type - I land classification.

How the guideline value of Rex Street has changed

The guideline value of Rex Street has undergone several revisions over the years. Starting from the 2007 revision, the value was Rs 600 per sq.ft. It increased significantly to Rs 2,300 per sq.ft in 2012, marking a rise of 283%. However, in 2017, the value decreased to Rs 1,541 per sq.ft, a drop of 33%. The 2023 revision saw a substantial increase to Rs 2,300 per sq.ft, followed by the current rate of Rs 2,500 per sq.ft from the 2024 revision, reflecting a 9% increase.

Overall, from 2007 to 2024, the guideline value has increased by 317%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Chindadripet

In Chindadripet, there are 98 streets under the Periamet SRO with a 2024 guideline value ranging from Rs 2,500 to Rs 18,100 per sq.ft. The median value is Rs 3,300 per sq.ft, placing Rex Street's 2024 figure below this median.

• Sadasiva Pillai Lane / Street: Rs 4,900 per sq.ft (2024)
• Sadasiva Pillai Street: Rs 4,400 per sq.ft (2024)
• Sami Pandaram Street: Rs 6,000 per sq.ft (2024)
• Sathyavani Muthu nagar Hut: Rs 2,500 per sq.ft (2024)
• RajaGopal Naicken Street: Rs 2,600 per sq.ft (2024)
• RajaGopal Lane: Rs 2,600 per sq.ft (2024)

Stamp duty and registration fee for property in Rex Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, while the registration fee at 2% would be Rs 50,000, bringing the total fees to Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Rex Street?

The Sub Registrar Office covering Rex Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Chindadripet. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers should be aware that the guideline value may differ from the actual sale price.

During the registration process, the guideline value serves as a basis for calculating the applicable fees. It is essential for both buyers and sellers to understand this value to ensure compliance with local regulations and to avoid any unexpected costs during the transaction.

Frequently asked questions

What is the current guideline value of Rex Street?

The current guideline value of Rex Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Rex Street has seen various changes, with the most recent increase from Rs 2,300 per sq.ft in 2023 to Rs 2,500 per sq.ft in 2024. Overall, it has increased by 317% from Rs 600 per sq.ft in 2007.

What is the land classification for Rex Street?

Rex Street falls under the Residential Class IV Type - I land classification, which is important for understanding its use and value in property transactions.

What are the stamp duty rates for property in Rex Street?

The stamp duty for property transactions in Rex Street is charged at 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2%.

Where is the Sub Registrar Office for Rex Street located?

The Sub Registrar Office for Rex Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.