Guideline Value for Rutland Gate 2nd Street

Rutland Gate 2nd Street guideline value

The current guideline value of Rutland Gate 2nd 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 2nd Street has changed

The guideline value for Rutland Gate 2nd Street has seen significant changes over the years. In the 2007 revision, the value was Rs 4,200 per sq.ft, which increased to Rs 9,500 per sq.ft in 2012. However, it decreased to Rs 6,365 per sq.ft in the 2017 revision. The 2023 revision marked an increase to Rs 9,500 per sq.ft, followed by a further rise to Rs 10,400 per sq.ft in 2024, reflecting a 9% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 148%. The changes between the revisions include a 49% increase from 2017 to 2023 and a 126% increase from 2007 to 2012. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 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, with a median value of Rs 8,800 per sq.ft. The guideline value of Rutland Gate 2nd Street is above this median.

• Rutland Gate 1st 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 10,400 per sq.ft, the total guideline value amounts to Rs 1,04,00,000. The stamp duty at 7% would be Rs 7,28,000, and the registration fee at 2% would be Rs 2,08,000, bringing the total to Rs 9,36,000. 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 Rutland Gate 2nd Street?

The Sub Registrar Office that covers Rutland Gate 2nd 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 further assistance.

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

The guideline value is a crucial factor during property registration in Nungambakkam. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When buying or selling property, it is important to be aware of the guideline value as it affects the overall cost of the transaction. Buyers should ensure that they are informed about the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Rutland Gate 2nd Street?

The current guideline value of Rutland Gate 2nd 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 from Rs 4,200 per sq.ft in 2007 to Rs 10,400 per sq.ft in 2024, reflecting an overall increase of 148% over the years.

What are the other streets in Nungambakkam with the same guideline value?

Other streets in Nungambakkam with the same guideline value of Rs 10,400 per sq.ft for 2024 include Rutland Gate 1st Street, Rutland Gate 3rd Street, Rutland Gate 4th Street, Rutland Gate 5th Street, and Rutland Gate 6th Street.

What is the registration fee for property in Rutland Gate 2nd Street?

The registration fee for property in Rutland Gate 2nd Street is calculated at 2% of the guideline value. For example, for a property valued at Rs 1,04,00,000, the registration fee would be Rs 2,08,000.

Which office handles the registration for Rutland Gate 2nd Street?

The registration for Rutland Gate 2nd Street is handled by the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.