Guideline Value for C.R. Ramakrishnapuram Phase 4

C.R. Ramakrishnapuram Phase 4 guideline value

The current guideline value for C.R. Ramakrishnapuram Phase 4 is Rs 5,500 per sq.ft, effective from 1 July 2024. This area is located in Virugambakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - I.

How the guideline value of C.R. Ramakrishnapuram Phase 4 has changed

The guideline value for C.R. Ramakrishnapuram Phase 4 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, followed by Rs 1,100 per sq.ft in 2007. The 2012 revision saw a decrease to Rs 5,000 per sq.ft, while the 2017 revision increased it to Rs 3,350 per sq.ft. The value then rose to Rs 5,000 per sq.ft in 2023, and finally reached Rs 5,500 per sq.ft in the 2024 revision.

In terms of changes, from 2002 to 2003, there was a significant increase of 165%. The value continued to rise by 22% from 2003 to 2007. However, from 2007 to 2012, there was a notable decrease of 33%. The value then increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 1522%.

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. C.R. Ramakrishnapuram Phase 4's 2024 figure of Rs 5,500 per sq.ft is above this median.

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

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the 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 Rs 4,95,000. 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 C.R. Ramakrishnapuram Phase 4?

The Sub Registrar Office that covers C.R. Ramakrishnapuram Phase 4 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 is a crucial factor in the registration process for property transactions in Virugambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable when a property is bought or sold.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for C.R. Ramakrishnapuram Phase 4?

The current guideline value for C.R. Ramakrishnapuram Phase 4 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 339 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, showing an overall increase of 1522% over the years.

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

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which office handles property registrations in C.R. Ramakrishnapuram Phase 4?

The Virugambakkam Sub Registrar Office handles property registrations for C.R. Ramakrishnapuram Phase 4, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for C.R. Ramakrishnapuram Phase 4?

C.R. Ramakrishnapuram Phase 4 is classified as Residential Class II Type - I.