Guideline Value for B.N.Ramamurthy Nagar

B.N.Ramamurthy Nagar guideline value

The current guideline value of B.N.Ramamurthy Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Valasaravakkam village under the Virugambakkam SRO and is classified as Residential Class II Type - I.

How the guideline value of B.N.Ramamurthy Nagar has changed

In the 2012 revision, the guideline value was Rs 3,500 per sq.ft. This figure remained unchanged in the 2023 revision, which also recorded Rs 3,500 per sq.ft. However, in the 2024 revision, the guideline value increased by 10% to Rs 3,850 per sq.ft. The register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Overall, from 2012 to 2024, the guideline value has increased by 10%. The changes reflect the latest updates in the valuation of properties in this locality.

Guideline values in Valasaravakkam

Valasaravakkam has a total of 774 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, which is equal to the current guideline value of B.N.Ramamurthy Nagar.

• Bhuvaneswari nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Bhuvaneswari nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Brindavan 1st Street: Rs 3,850 per sq.ft (2024)
• Brindavan 2nd Street: Rs 3,850 per sq.ft (2024)
• Brindavan 3rd Street: Rs 3,850 per sq.ft (2024)
• Brindavan 4th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in B.N.Ramamurthy Nagar

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. 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 B.N.Ramamurthy Nagar?

The Sub Registrar Office that covers B.N.Ramamurthy Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. For more information, you can find your SRO.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price.

When registering a property, it is essential to ensure that the sale price meets or exceeds the guideline value to avoid complications. The registration process is managed by the local Sub Registrar Office, which verifies the guideline value during the registration of property transactions.

Frequently asked questions

What is the current guideline value of B.N.Ramamurthy Nagar?

The current guideline value of B.N.Ramamurthy Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 3,500 per sq.ft in 2012 to Rs 3,850 per sq.ft in 2024, reflecting a 10% increase overall. The value remained unchanged at Rs 3,500 per sq.ft from 2012 to 2023.

What is the classification of land in B.N.Ramamurthy Nagar?

B.N.Ramamurthy Nagar is classified as Residential Class II Type - I, which indicates its suitability for residential purposes.

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

For a property valued at Rs 38,50,000, the stamp duty is Rs 2,69,500, and the registration fee is Rs 77,000, totaling Rs 3,46,500. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for B.N.Ramamurthy Nagar?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, and it handles registrations for B.N.Ramamurthy Nagar.