Guideline Value for Ritchi Street

Ritchi Street guideline value

The current guideline value of Ritchi Street, located in Triplicane village under the Triplicane SRO, is Rs 16,500 per sq.ft, effective from 1 July 2024. The land classification for this street is Commercial Special Type - III.

How the guideline value of Ritchi Street has changed

The guideline value for Ritchi Street has seen several revisions over the years. In 2002, the value was Rs 2,413 per sq.ft, which increased to Rs 2,647 per sq.ft in 2003, marking a change of +10%. The value saw a significant rise to Rs 13,660 per sq.ft in 2007, reflecting a remarkable increase of +416%. In 2012, the value adjusted to Rs 15,000 per sq.ft, which was a +10% change. However, it decreased to Rs 10,050 per sq.ft in 2017, showing a decline of -33%. The value then increased to Rs 15,000 per sq.ft in 2023, followed by a further increase to Rs 16,500 per sq.ft in 2024, which is a +10% change.

Overall, from 2002 to 2024, the guideline value has increased by +584%. There are no revisions with figures missing for Ritchi Street in the register.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO, with 2024 guideline values ranging from Rs 2,700 to Rs 20,900 per sq.ft. The median guideline value for these streets is Rs 6,600 per sq.ft, placing Ritchi Street's 2024 figure above this median.

• Raza Hyder Street: Rs 5,500 per sq.ft (2024)
• Rasool Omar Bahadur Street: Rs 7,700 per sq.ft (2024)
• Rasool Omar Bahadur 7th Lane (Street): Rs 6,600 per sq.ft (2024)
• Rasool Omar Bahadur 6th Lane (Street): Rs 6,600 per sq.ft (2024)
• Rasool Omar Bahadur 5th Lane (Street): Rs 6,600 per sq.ft (2024)
• Rasool Omar Bahadur 4th Lane (Street): Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Ritchi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 16,500 per sq.ft, the total guideline value would be Rs 1,65,00,000. The stamp duty at 7% would amount to Rs 11,55,000, and the registration fee at 2% would be Rs 3,30,000. Together, the total cost for stamp duty and registration fee would be Rs 14,85,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ritchi Street?

The Sub Registrar Office that covers Ritchi Street is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Triplicane, as it determines the minimum value at which a property can be registered. It is essential for both buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements.

When a property transaction occurs, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Ritchi Street?

The current guideline value of Ritchi Street is Rs 16,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,413 per sq.ft in 2002 to Rs 16,500 per sq.ft in 2024, reflecting an overall increase of +584%.

What is the land classification for Ritchi Street?

The land classification for Ritchi Street is Commercial Special Type - III.

What are the stamp duty and registration fees for property in Ritchi Street?

For a 1,000 sq.ft plot, the total stamp duty is Rs 11,55,000 and the registration fee is Rs 3,30,000, totaling Rs 14,85,000.

Where is the Sub Registrar Office for Ritchi Street located?

The Sub Registrar Office for Ritchi Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.