Guideline Value for RAGAMALIGA APARTMENT PART -2

Ragamaliga Apartment Part -2 guideline value

The current guideline value of Ragamaliga Apartment Part -2 is Rs 4,950 per sq.ft, effective from 1 July 2024. This apartment is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Commercial Special Type - I.

How the guideline value of Ragamaliga Apartment Part -2 has changed

The guideline value for Ragamaliga Apartment Part -2 has seen several revisions over the years. The 2012 revision set the value at Rs 4,500 per sq.ft, which then decreased to Rs 3,015 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 4,500 per sq.ft, and the latest 2024 revision has raised it further to Rs 4,950 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. The overall change from 2012 to 2024 reflects a 10% increase, highlighting the fluctuations in the guideline value over the years.

Guideline values in Medavakkam

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

• Ragamaliga Apartment Part -1: 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 -2

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value amounts to 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 fees together to Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ragamaliga Apartment Part -2?

The Ragamaliga Apartment Part -2 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 details.

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

The guideline value plays a crucial role during property transactions in Medavakkam. It serves as a benchmark for determining 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 or purchased, the stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Ragamaliga Apartment Part -2?

The current guideline value of Ragamaliga Apartment Part -2 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 in 2012 to Rs 3,015 in 2017, then back to Rs 4,500 in 2023, and finally to Rs 4,950 in 2024. This reflects significant fluctuations over the years.

What is the land classification for Ragamaliga Apartment Part -2?

The land classification for Ragamaliga Apartment Part -2 is Commercial Special Type - I.

Where can I find the registration office for this property?

The registration office for Ragamaliga Apartment Part -2 is 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.

How is the stamp duty calculated for properties in Medavakkam?

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