Guideline Value for Russo Street

Russo Street guideline value

The current guideline value of Russo Street in Chitlapakkam village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Tambaram Joint 1 SRO and is classified as Residential Class I Type - III.

How the guideline value of Russo Street has changed

The guideline value for Russo Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which remained unchanged in the 2017 revision, where it decreased to Rs 1,005 per sq.ft, marking a reduction of 33%. The 2023 revision then raised the value to Rs 1,500 per sq.ft, and the latest 2024 revision increased it further to Rs 1,650 per sq.ft, reflecting a 10% increase from the previous year. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The most significant change occurred between 2017 and 2023, where the value rose by 49% to reach the 2023 figure of Rs 1,500 per sq.ft.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is equal to the current guideline value of Russo Street.

• R.R.Nagar (Ananda street): Rs 1,650 per sq.ft (2024)
• Sabari Street: Rs 3,300 per sq.ft (2024)
• Roslien St: Rs 2,750 per sq.ft (2024)
• Roselin nagar muthal street: Rs 2,750 per sq.ft (2024)
• Roselin nagar 2nd street: Rs 2,750 per sq.ft (2024)
• Roseling Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Russo Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total fees together to Rs 1,48,500. It is important to note that stamp duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Russo Street?

The Sub Registrar Office that covers Russo Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, within the Chengalpattu registration zone. You can find your SRO for more information.

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

When buying or selling property in Chitlapakkam, the guideline value is a critical factor in determining the registration fees and stamp duty. The guideline value is used as a reference point to assess the market value of the property being registered, ensuring that the transaction is recorded accurately and fairly.

It is essential for buyers and sellers to be aware of the current guideline value as it directly impacts the total cost of the transaction, including the fees associated with registration. This ensures compliance with local regulations and helps in avoiding any potential disputes related to property valuation.

Frequently asked questions

What is the current guideline value of Russo Street?

The current guideline value of Russo Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then back to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Russo Street?

Russo Street is classified as Residential Class I Type - III, indicating its suitability for residential purposes.

Where is the Sub Registrar Office for Russo Street located?

The Tambaram Joint 1 Sub Registrar Office is located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in Chitlapakkam?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,50,000, the stamp duty would be calculated at 7% of that amount.