Guideline Value for Rutland Gate 1st Street

Rutland Gate 1st Street guideline value

The current guideline value of Rutland Gate 1st Street is Rs 10,400 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of Rutland Gate 1st Street has changed

The guideline value for Rutland Gate 1st Street has seen significant changes over the years. In the 2007 revision, the guideline value was Rs 4,200 per sq.ft, which increased to Rs 9,500 per sq.ft in the 2012 revision. However, there was a decrease to Rs 6,365 per sq.ft in the 2017 revision. The value then climbed to Rs 9,500 per sq.ft in the 2023 revision and has risen further to Rs 10,400 per sq.ft in the 2024 revision. The register has no figures for the years 2002 and 2003.

From 2017 to 2023, there was a notable increase of 49%, while the 2023 to 2024 change was an increase of 9%. The overall increase from the 2007 revision to the 2024 revision is 148%, highlighting the significant growth in the guideline value over this period.

Guideline values in Nungambakkam

In Nungambakkam, there are a total of 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Rutland Gate 1st Street's 2024 value above this median.

• Rutland Gate 2nd Street: Rs 10,400 per sq.ft (2024)
• Rutland Gate 3rd Street: Rs 10,400 per sq.ft (2024)
• Rutland Gate 4th Street: Rs 10,400 per sq.ft (2024)
• Rutland Gate 5th Street: Rs 10,400 per sq.ft (2024)
• Rutland Gate 6th Street: Rs 10,400 per sq.ft (2024)
• Rangoon Street (Slum Area): Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Rutland Gate 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 10,400 per sq.ft, the total guideline value would be Rs 1,04,00,000. The stamp duty at 7% would amount to Rs 7,28,000, and the registration fee at 2% would total Rs 2,08,000. Together, the total cost for stamp duty and registration fee would be Rs 9,36,000. It is important to note that 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 further calculations.

Which Sub Registrar Office covers Rutland Gate 1st Street?

The Sub Registrar Office that covers Rutland Gate 1st Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value plays a critical role in the registration process of property transactions in Nungambakkam. When a property is bought or sold, the guideline value is used as a benchmark to calculate the applicable stamp duty and registration fees, ensuring that the transaction is recorded accurately.

Additionally, the guideline value helps maintain transparency in property transactions, as it provides a standardized value for properties within a specific area. This value is essential for both buyers and sellers to understand the financial implications of their property dealings.

Frequently asked questions

What is the current guideline value of Rutland Gate 1st Street?

The current guideline value of Rutland Gate 1st Street is Rs 10,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 4,200 per sq.ft in 2007 to Rs 10,400 per sq.ft in 2024, with various revisions reflecting increases and a decrease in 2017.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 1,04,00,000, the stamp duty would be Rs 7,28,000 and the registration fee would be Rs 2,08,000, totaling Rs 9,36,000.

Which office handles registrations for Rutland Gate 1st Street?

The Chennai Central Joint II Sub Registrar Office handles registrations for Rutland Gate 1st Street, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the median guideline value for streets in Nungambakkam?

The median guideline value for streets in Nungambakkam is Rs 8,800 per sq.ft, making Rutland Gate 1st Street's value of Rs 10,400 per sq.ft above this median.