Guideline Value for C.R. Ramakrishnapuram Phase 3

C.R. Ramakrishnapuram Phase 3 guideline value

The current guideline value of C.R. Ramakrishnapuram Phase 3 is Rs 5,500 per sq.ft, effective from 1 July 2024. This area is located in Virugambakkam village, under the jurisdiction of the Virugambakkam SRO, and is classified as Residential Class II Type - I.

How the guideline value of C.R. Ramakrishnapuram Phase 3 has changed

The guideline value for C.R. Ramakrishnapuram Phase 3 has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 339 per sq.ft. This increased to Rs 900 per sq.ft in 2003, marking a significant rise of 165%. The 2007 revision saw a further increase to Rs 1,100 per sq.ft, an increase of 22%. The 2012 revision set the value at Rs 5,000 per sq.ft, which was a decrease of 33% from the previous revision. In 2017, the value rose to Rs 3,350 per sq.ft, reflecting a 49% increase. The most recent 2023 revision set the value at Rs 5,000 per sq.ft, followed by the current 2024 revision, which is Rs 5,500 per sq.ft, representing a 10% increase.

There are no figures available for the revisions in years other than those mentioned above 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, with a median value of Rs 4,400 per sq.ft. The guideline value of C.R. Ramakrishnapuram Phase 3 is above this median.

• C.R. Ramakrishnapuram Phase 2, 2nd Street: Rs 5,500 per sq.ft (2024)
• C.R. Ramakrishnapuram Phase 4: Rs 5,500 per sq.ft (2024)
• C.R. Ramakrishnapuram Phase 2, 1st Street: Rs 5,500 per sq.ft (2024)
• C.R. Ramakrishnapuram Phase I: 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 3

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees together to 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers C.R. Ramakrishnapuram Phase 3?

The Sub Registrar Office that covers C.R. Ramakrishnapuram Phase 3 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 details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Virugambakkam. It serves as a benchmark to determine the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the government records.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of C.R. Ramakrishnapuram Phase 3?

The current guideline value of C.R. Ramakrishnapuram Phase 3 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 from Rs 339 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1522% over the years.

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

Other streets in Virugambakkam with the same guideline value of Rs 5,500 per sq.ft include C.R. Ramakrishnapuram Phase 2, 2nd Street, C.R. Ramakrishnapuram Phase 4, C.R. Ramakrishnapuram Phase 2, 1st Street, C.R. Ramakrishnapuram Phase I, and Co-operative Housing Society Colony.

What is the stamp duty rate for property in C.R. Ramakrishnapuram Phase 3?

The stamp duty rate for property in C.R. Ramakrishnapuram Phase 3 is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for C.R. Ramakrishnapuram Phase 3?

The Sub Registrar Office for C.R. Ramakrishnapuram Phase 3 is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.