Guideline Value for Mayor V.R.Ramanathan 1st lane

Mayor V.R.Ramanathan 1st lane guideline value

The current guideline value for Mayor V.R.Ramanathan 1st lane is Rs 11,000 per sq.ft, effective from 1 July 2024. This street is located in Egmore village, under the Periamet SRO, and is classified as Residential Class I Type - II.

How the guideline value of Mayor V.R.Ramanathan 1st lane has changed

The guideline value for Mayor V.R.Ramanathan 1st lane has seen significant changes over the years. In 2002, the guideline value was Rs 1,253 per sq.ft. This figure increased to Rs 1,382 per sq.ft in 2003, marking a 10% rise. The value continued to grow, reaching Rs 2,000 per sq.ft in 2007, which was a substantial increase of 45% from the previous year. Following this, the value surged to Rs 10,000 per sq.ft in 2012, reflecting a remarkable 400% increase.

From 2012 to 2017, the guideline value dropped to Rs 6,700 per sq.ft, a decrease of 33%. However, it rebounded to Rs 10,000 per sq.ft in 2023, and as of the 2024 revision, it stands at Rs 11,000 per sq.ft, showing a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has risen by 778%.

Guideline values in Egmore

In Egmore, there are 465 streets under the Periamet SRO with a 2024 guideline value ranging from Rs 2,800 to Rs 22,000 per sq.ft. The median value for these streets is Rs 7,100 per sq.ft, placing Mayor V.R.Ramanathan 1st lane's 2024 figure above that median.

• Mayor V.R.Ramanathan 2nd lane: Rs 11,000 per sq.ft (2024)
• Mayor SathyaMurthy Road: Rs 8,300 per sq.ft (2024)
• Mayor Chittibabu Street: Rs 13,400 per sq.ft (2024)
• McNicholas road: Rs 18,100 per sq.ft (2024)
• McNicholas road 1st lane: Rs 11,000 per sq.ft (2024)
• McNicholas road 2nd lane: Rs 11,000 per sq.ft (2024)

Stamp duty and registration fee for property in Mayor V.R.Ramanathan 1st lane

For a 1,000 sq.ft plot at the current guideline value of Rs 11,000 per sq.ft, the total guideline value would be Rs 1,10,00,000. The stamp duty at 7% would amount to Rs 7,70,000, and the registration fee at 2% would be Rs 2,20,000, bringing the total to Rs 9,90,000. 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 Mayor V.R.Ramanathan 1st lane?

The Mayor V.R.Ramanathan 1st lane falls under the jurisdiction of the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property in Egmore. It serves as a benchmark for the minimum value at which properties must be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, which can significantly impact the total cost of the transaction.

Frequently asked questions

What is the current guideline value of Mayor V.R.Ramanathan 1st lane?

The current guideline value of Mayor V.R.Ramanathan 1st lane is Rs 11,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 1,253 per sq.ft in 2002 to Rs 11,000 per sq.ft in 2024, which is an overall increase of 778%.

What is the land classification for Mayor V.R.Ramanathan 1st lane?

Mayor V.R.Ramanathan 1st lane is classified as Residential Class I Type - II.

Where can I find the registration office for this area?

The registration office for Mayor V.R.Ramanathan 1st lane is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value incurs a total fee of Rs 9,90,000.