Guideline Value for Justice V. Ramaswamy Road

Justice V. Ramaswamy Road guideline value

The current guideline value of Justice V. Ramaswamy Road is Rs 9,400 per sq.ft, effective from 1 July 2024. This road is located in Pallipattu village under the Adayar SRO, classified as Residential Special Type - I.

How the guideline value of Justice V. Ramaswamy Road has changed

The guideline value for Justice V. Ramaswamy Road has undergone several revisions over the years. Starting from Rs 762 per sq.ft in 2002, it increased to Rs 833 per sq.ft in 2003. The next significant jump occurred in 2007, where the value rose to Rs 3,000 per sq.ft. Following that, in 2012, the value was revised to Rs 8,500 per sq.ft, but it then decreased to Rs 5,695 per sq.ft in 2017. The most recent revisions show an increase to Rs 8,500 per sq.ft in 2023, followed by the current value of Rs 9,400 per sq.ft in 2024.

Between the revisions, the changes are as follows: from 2002 to 2003, the increase was +9%; from 2003 to 2007, it rose by +260%; from 2007 to 2012, there was a +183% increase; however, from 2012 to 2017, it saw a decrease of -33%. The value then increased by +49% from 2017 to 2023, and finally, from 2023 to 2024, it rose by +11%. Overall, from 2002 to 2024, the guideline value has increased by +1134%.

Guideline values in Pallipattu

Pallipattu village has a range of guideline values for its streets, with 72 streets under the Adayar SRO carrying a 2024 figure between Rs 3,300 to Rs 15,400 per sq.ft. The median value for these streets is Rs 9,400 per sq.ft, which is equal to the current guideline value of Justice V. Ramaswamy Road.

• Kamaraj Avenue 1st Street: Rs 9,400 per sq.ft (2024)
• Kamaraj Avenue 2nd Street: Rs 9,400 per sq.ft (2024)
• Kamaraj Avenue School Road: Rs 9,400 per sq.ft (2024)
• Kandasamy Naikkan Street: Rs 3,300 per sq.ft (2024)
• Kanniyammal Kadai Street: Rs 3,300 per sq.ft (2024)
• Kasthuribai Nagar 1st Cross Street: Rs 9,400 per sq.ft (2024)

Stamp duty and registration fee for property in Justice V. Ramaswamy Road

For a 1,000 sq.ft plot at the current guideline value of Rs 9,400 per sq.ft, the total guideline value amounts to Rs 94,00,000. The stamp duty at 7% would be Rs 6,58,000, and the registration fee at 2% would be Rs 1,88,000, bringing the total to Rs 8,46,000. 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 Justice V. Ramaswamy Road?

The Sub Registrar Office that covers Justice V. Ramaswamy Road is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for further assistance.

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

The guideline value plays a crucial role during the registration of property transactions in Pallipattu. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers should be aware that the stamp duty is calculated based on the higher amount between the guideline value and the actual sale price.

Additionally, the guideline value ensures that the property is registered at a fair value, which helps in maintaining transparency in property transactions. It is essential for both buyers and sellers to understand the implications of the guideline value during the registration process.

Frequently asked questions

What is the current guideline value of Justice V. Ramaswamy Road?

The current guideline value of Justice V. Ramaswamy Road is Rs 9,400 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 762 per sq.ft in 2002 to Rs 9,400 per sq.ft in 2024, showing an overall increase of +1134% over the years.

What are the other streets in Pallipattu with similar guideline values?

Other streets in Pallipattu with a guideline value of Rs 9,400 per sq.ft include Kamaraj Avenue 1st Street, Kamaraj Avenue 2nd Street, Kamaraj Avenue School Road, and Kasthuribai Nagar 1st Cross Street.

How is the stamp duty calculated for properties on Justice V. Ramaswamy Road?

Stamp duty for properties on Justice V. Ramaswamy Road is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 6,58,000 based on the current guideline value.

Where can I find the Sub Registrar Office for Justice V. Ramaswamy Road?

The Sub Registrar Office for Justice V. Ramaswamy Road is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find more information about your SRO through the provided link.