Guideline Value for JOTHI RAMALINGAM 2 STREET

Jothi Ramalingam 2 Street guideline value

The current guideline value of Jothi Ramalingam 2 Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Mambalam village, under the Thiyagaraya nagar SRO, and is classified as Residential Class III Type - III.

How the guideline value of Jothi Ramalingam 2 Street has changed

The guideline value for Jothi Ramalingam 2 Street has undergone several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 557 per sq.ft. This increased to Rs 618 per sq.ft in 2003, marking an increase of 11%. The value then saw a substantial rise to Rs 1,100 per sq.ft in 2007, which was a 78% increase. Following that, the 2012 revision recorded a value of Rs 4,000 per sq.ft, reflecting a significant increase of 264%. However, the value decreased to Rs 2,680 per sq.ft in 2017, which was a decrease of 33%. The 2023 revision saw another increase to Rs 4,000 per sq.ft, followed by the current 2024 revision, which set the guideline value at Rs 4,400 per sq.ft, marking a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 690%. The register has no figure for the years not mentioned in the revisions listed above.

Guideline values in Mambalam

In Mambalam, there are 163 streets under the Thiyagaraya nagar SRO that carry a guideline value for 2024, ranging from Rs 4,400 to Rs 22,000 per sq.ft. The median guideline value in this area is Rs 6,600 per sq.ft, and Jothi Ramalingam 2 Street's 2024 figure is below that median.

• Jothi Ramalingam 1 Street: Rs 4,400 per sq.ft (2024)
• Jothi Ramalingam Street: Rs 6,600 per sq.ft (2024)
• Jones Road East To West: Rs 9,900 per sq.ft (2024)
• Jones Road (East) Northern Side of Anna Salai Northern Side D.No 8 to Southern side D.No 1: Rs 9,900 per sq.ft (2024)
• Jubilee Road: Rs 9,900 per sq.ft (2024)
• Jeer Naidu Lane: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in Jothi Ramalingam 2 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that 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 Jothi Ramalingam 2 Street?

The Sub Registrar Office that covers Jothi Ramalingam 2 Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Mambalam. It serves as a benchmark for determining the stamp duty and registration fees applicable to a property sale. Buyers and sellers must consider this value to ensure compliance with local regulations at the time of registration.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. The fees are based on either the guideline value or the actual sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Jothi Ramalingam 2 Street?

The current guideline value of Jothi Ramalingam 2 Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly over the years, from Rs 557 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024. There have been various increases and a decrease between the revisions, reflecting changes in the property landscape.

What is the median guideline value in Mambalam?

The median guideline value in Mambalam is Rs 6,600 per sq.ft for the year 2024. Jothi Ramalingam 2 Street's guideline value is below this median.

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

The stamp duty for properties in Jothi Ramalingam 2 Street is 7%, while the registration fee is 2%. For example, a 1,000 sq.ft plot at the current guideline value would incur a total fee of Rs 3,96,000.

Where is the Sub Registrar Office for Jothi Ramalingam 2 Street located?

The Sub Registrar Office for Jothi Ramalingam 2 Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.