Guideline Value for Lotus Ramasamy Street

Lotus Ramasamy Street guideline value

The current guideline value of Lotus Ramasamy Street is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Tondaiarpet village, under the Royapuram SRO, classified as Commercial Class I Type - I.

How the guideline value of Lotus Ramasamy Street has changed

The guideline value for Lotus Ramasamy Street has seen several revisions over the years. In 2007, the value was Rs 1,000 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012, marking a 250% rise. However, it dropped to Rs 2,345 per sq.ft in 2017, a decrease of 33%. The value then rose to Rs 3,500 per sq.ft in 2023, reflecting a 49% increase before reaching the current value of Rs 3,800 per sq.ft in 2024, a 9% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 280%.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, positioning Lotus Ramasamy Street's 2024 value above this median.

• Limekiln Road (Sunnambu Kaalvai Road): Rs 1,300 per sq.ft (2024)
• Madha Koil Street: Rs 2,200 per sq.ft (2024)
• Lal Bhadur Sastri Nagar: Rs 1,300 per sq.ft (2024)
• Manali Road: Rs 2,200 per sq.ft (2024)
• Labour Lane: Rs 1,300 per sq.ft (2024)
• K.V.K. Swamy street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Lotus Ramasamy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty at 7% would be Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, bringing the total cost to Rs 3,42,000. 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 Lotus Ramasamy Street?

The Sub Registrar Office that covers Lotus Ramasamy Street is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Tondaiarpet. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty. This means that buyers should be aware of the guideline value to understand their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of Lotus Ramasamy Street?

The current guideline value of Lotus Ramasamy Street is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 3,800 per sq.ft in 2024, reflecting significant increases and a few decreases in between.

What is the land classification of Lotus Ramasamy Street?

Lotus Ramasamy Street is classified as Commercial Class I Type - I.

Where can I find the registration office for this street?

The registration office for Lotus Ramasamy Street is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.

How is stamp duty calculated for properties in Tondaiarpet?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 38,00,000 would incur a stamp duty of Rs 2,66,000 at 7%.