Guideline Value for Risemil Street

Risemil Street guideline value

The current guideline value of Risemil Street is Rs 200 per sq.ft, effective from the 2024 revision. This street is located in Echur village, under the Sunguvarchattram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Risemil Street has changed

The guideline value for Risemil Street has undergone several revisions over the years. The earliest recorded revision was in 2012, where the value was set at Rs 200 per sq.ft. In 2017, the value decreased to Rs 134 per sq.ft, marking a decline of 33%. However, by 2023, the value rebounded to Rs 200 per sq.ft, reflecting a significant increase of 49% from the 2017 revision. The current value remains the same at Rs 200 per sq.ft as per the 2024 revision, which took effect on 1 July 2024.

It is important to note that there are no recorded figures for Risemil Street in the revisions of 2002, 2003, and 2007. Overall, from the 2012 revision to the 2024 revision, the guideline value has remained unchanged at Rs 200 per sq.ft.

Guideline values in Echur

Echur village has a total of 26 streets under the Sunguvarchattram SRO that carry a 2024 guideline value, ranging from Rs 150 to Rs 300 per sq.ft. The median value for these streets is Rs 150 per sq.ft, positioning Risemil Street's 2024 figure above that median.

• Road Street: Rs 200 per sq.ft (2024)
• Santhiamman Kovil Street: Rs 150 per sq.ft (2024)
• Prasanthi Nagar: Rs 300 per sq.ft (2024)
• Pillaiyar Kovil Street: Rs 150 per sq.ft (2024)
• Sharma Nagar: Rs 300 per sq.ft (2024)
• Periya Street: Rs 150 per sq.ft (2024)

Stamp duty and registration fee for property in Risemil Street

For a 1,000 sq.ft plot at the current rate of Rs 200 per sq.ft, the guideline value amounts to Rs 2,00,000. The stamp duty at 7% would be Rs 14,000, and the registration fee at 2% would be Rs 4,000, totaling Rs 18,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Risemil Street?

The Sub Registrar Office that covers Risemil Street is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone. For more information, you can find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Echur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transfer of property ownership.

When buying or selling property, the guideline value is compared against the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the registration process is aligned with the official valuation set by the Registration Department.

Frequently asked questions

What is the current guideline value of Risemil Street?

The current guideline value of Risemil Street is Rs 200 per sq.ft, effective from the 2024 revision.

How has the guideline value changed over the years?

The guideline value for Risemil Street has seen fluctuations, with the most recent value being Rs 200 per sq.ft since 2023. It was Rs 134 per sq.ft in 2017 and Rs 200 per sq.ft in 2012.

What is the land classification for Risemil Street?

Risemil Street is classified as Residential Class II Type - I. This classification is important for determining the use and regulations applicable to the property.

Where can I find the Sub Registrar Office for Risemil Street?

The Sub Registrar Office covering Risemil Street is located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in Risemil Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at Rs 200 per sq.ft, the total guideline value would be Rs 2,00,000, leading to a stamp duty of Rs 14,000.