Guideline Value for Ritherdon Road

Ritherdon Road guideline value

The current guideline value of Ritherdon Road is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Vepery village under the Periamet SRO and is classified as Commercial Class I Type - I.

How the guideline value of Ritherdon Road has changed

Over the years, the guideline value of Ritherdon Road has seen several revisions. The earliest recorded value was Rs 3,000 per sq.ft in 2007, which increased significantly to Rs 8,000 per sq.ft in 2012, marking a 167% rise. However, this value decreased to Rs 5,360 per sq.ft in 2017, representing a decline of 33%. In 2023, the guideline value rose again to Rs 8,000 per sq.ft, and the most recent revision in 2024 has set the value at Rs 8,800 per sq.ft, reflecting a 10% increase from the previous year.

In summary, from 2017 to 2023, there was a notable increase of 49%. The overall change from the 2007 figure to the current 2024 value is an impressive 193%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft, with a median value of Rs 4,800 per sq.ft. Ritherdon Road's current value of Rs 8,800 per sq.ft is above this median.

• Ritherdon Avenue: Rs 8,800 per sq.ft (2024)
• Rottikindagu Thiruvengada MudaliStreet: Rs 7,700 per sq.ft (2024)
• Ramu Pillai Street: Rs 7,700 per sq.ft (2024)
• Sait Bakwath Paith Varmal Sowcar Street: Rs 4,800 per sq.ft (2024)
• Sait Jaswanmal Sowcar Street: Rs 4,800 per sq.ft (2024)
• Sait Mohan lal sowcar street: Rs 4,800 per sq.ft (2024)

Stamp duty and registration fee for property in Ritherdon Road

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total fees to Rs 7,92,000. It is important to note that the 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 Ritherdon Road?

The Sub Registrar Office that covers Ritherdon Road 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 Vepery

The guideline value is a crucial factor in the registration process when buying or selling property in Vepery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two values is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is recorded accurately and complies with legal requirements.

Frequently asked questions

What is the current guideline value of Ritherdon Road?

The current guideline value of Ritherdon Road is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 3,000 per sq.ft to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 193% over the years.

What are the other streets in Vepery with their guideline values?

Other streets in Vepery include Ritherdon Avenue at Rs 8,800 per sq.ft, Rottikindagu Thiruvengada MudaliStreet and Ramu Pillai Street both at Rs 7,700 per sq.ft, and several others at Rs 4,800 per sq.ft.

What is the registration fee for properties in Ritherdon Road?

The registration fee for properties in Ritherdon Road is calculated based on the guideline value or sale price, whichever is higher. For example, a property valued at Rs 88,00,000 would incur a registration fee of Rs 1,76,000 at 2%.

Where is the Sub Registrar Office for Ritherdon Road located?

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