Guideline Value for C.R. Ramakrishnapuram Phase I

C.R. Ramakrishnapuram Phase I guideline value

The current guideline value of C.R. Ramakrishnapuram Phase I is Rs 5,500 per sq.ft, effective from 1 July 2024. This area is located in Virugambakkam village and falls under the Virugambakkam SRO, classified as Residential Class II Type - I.

How the guideline value of C.R. Ramakrishnapuram Phase I has changed

The guideline value for C.R. Ramakrishnapuram Phase I has seen several revisions over the years. In 2002, the guideline value was Rs 483 per sq.ft. This figure increased to Rs 900 per sq.ft in 2003, marking a significant rise of 86%. The value continued to rise, reaching Rs 1,100 per sq.ft in 2007, which was a 22% increase from the previous revision. The 2012 revision saw a notable jump to Rs 5,000 per sq.ft, representing a substantial increase of 355%. However, in 2017, the value dropped to Rs 3,350 per sq.ft, a decrease of 33% from the 2012 figure. The guideline value then increased to Rs 5,000 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 5,500 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,039%. There are no figures available for the revisions in years that do not have a specified amount for this street.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing C.R. Ramakrishnapuram Phase I above this median.

• C.R. Ramakrishnapuram Phase 4: Rs 5,500 per sq.ft (2024)
• C.R. Ramakrishnapuram Phase 3: Rs 5,500 per sq.ft (2024)
• C.R. Ramakrishnapuram Phase 2, 2nd Street: Rs 5,500 per sq.ft (2024)
• C.R. Ramakrishnapuram Phase 2, 1st Street: Rs 5,500 per sq.ft (2024)
• Co-operative Housing Society Colony: Rs 5,500 per sq.ft (2024)
• Boopathi Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in C.R. Ramakrishnapuram Phase I

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, making the total cost for these fees Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers C.R. Ramakrishnapuram Phase I?

The Sub Registrar Office that covers C.R. Ramakrishnapuram Phase I is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration of property transactions in Virugambakkam. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property. The fees are calculated based on the guideline value or the sale price, whichever is higher.

When a property is registered, the guideline value ensures that the transaction is recorded at a fair value, helping to maintain transparency in property dealings. Buyers and sellers should be aware of the current guideline value to accurately assess the costs involved in the transaction.

Frequently asked questions

What is the current guideline value of C.R. Ramakrishnapuram Phase I?

The current guideline value of C.R. Ramakrishnapuram Phase I is Rs 5,500 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 483 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1,039% over the years.

What is the registration fee for properties in C.R. Ramakrishnapuram Phase I?

The registration fee for properties is calculated based on the guideline value. For example, a property valued at Rs 55,00,000 would incur a registration fee of Rs 1,10,000 at 2%.

Which office handles property registrations in Virugambakkam?

The Virugambakkam Sub Registrar Office handles property registrations in this area. It is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. This ensures that the fees reflect the true value of the property being transacted.