Guideline Value for RAGAMALIGA APARTMENT PART -1

Ragamaliga Apartment Part -1 guideline value

The current guideline value of Ragamaliga Apartment Part -1 is Rs 4,950 per sq.ft, effective from 1 July 2024. This property is located in Medavakkam village, under the Chennai South Joint I SRO, and is classified as Commercial Special Type - I.

How the guideline value of Ragamaliga Apartment Part -1 has changed

The guideline value for Ragamaliga Apartment Part -1 has undergone several revisions over the years. In 2012, the value was Rs 4,500 per sq.ft, which then decreased to Rs 3,015 per sq.ft in 2017. This marked a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 4,500 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 set the value at Rs 4,950 per sq.ft, which is an increase of 10% from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, placing Ragamaliga Apartment Part -1 above this median.

• Ragamaliga Apartment Part -2: Rs 4,950 per sq.ft (2024)
• Ragamaliga Apartment Part -3: Rs 4,950 per sq.ft (2024)
• Radhakrishnan Street: Rs 2,200 per sq.ft (2024)
• Pushpa Nagar Vinodh Street: Rs 2,750 per sq.ft (2024)
• Pushpa Nagar Shanthi Street: Rs 2,750 per sq.ft (2024)
• Pushpa Nagar Santhanam Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Ragamaliga Apartment Part -1

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would be Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total to Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ragamaliga Apartment Part -1?

The Ragamaliga Apartment Part -1 is covered by the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Medavakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value serves as a benchmark for calculating stamp duty and registration fees. This ensures that the transaction is recorded accurately and that the appropriate taxes are paid to the government.

Frequently asked questions

What is the current guideline value of Ragamaliga Apartment Part -1?

The current guideline value of Ragamaliga Apartment Part -1 is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,500 per sq.ft in 2012 to Rs 3,015 per sq.ft in 2017, then back to Rs 4,500 per sq.ft in 2023, and finally to Rs 4,950 per sq.ft in 2024.

What is the land classification of Ragamaliga Apartment Part -1?

Ragamaliga Apartment Part -1 is classified as Commercial Special Type - I.

Where is the Sub Registrar Office for Ragamaliga Apartment Part -1 located?

The Sub Registrar Office covering Ragamaliga Apartment Part -1 is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Medavakkam?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 49,50,000 would incur a stamp duty of Rs 3,46,500 at a rate of 7%.