Guideline Value for RAGAMALIGA APARTMENT PART -3

Ragamaliga Apartment Part -3 guideline value

The current guideline value of Ragamaliga Apartment Part -3 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 -3 has changed

Over the years, the guideline value of Ragamaliga Apartment Part -3 has seen several revisions. The earliest available figure is from 2012, which was Rs 4,500 per sq.ft. This was followed by a decrease to Rs 3,015 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 4,500 per sq.ft, and the most recent revision in 2024 increased it to Rs 4,950 per sq.ft.

In terms of percentage changes, from 2012 to 2017, there was a decline of 33%. However, from 2017 to 2023, the value increased significantly by 49%. The 2023 to 2024 revision saw a rise of 10%. Overall, comparing the 2012 figure to the current 2024 value, there has been a net increase of 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Ragamaliga Apartment Part -3 is above this median.

• Ragamaliga Apartment Part -2: Rs 4,950 per sq.ft (2024)
• Ragamaliga Apartment Part -1: 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 -3

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 cost 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 also use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Ragamaliga Apartment Part -3?

The Ragamaliga Apartment Part -3 falls under 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

When buying or selling property in Medavakkam, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is set by the government and reflects the minimum value at which a property can be registered.

During the registration process, buyers must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is documented at a value that reflects the market conditions as assessed by the authorities.

Frequently asked questions

What is the current guideline value of Ragamaliga Apartment Part -3?

The current guideline value of Ragamaliga Apartment Part -3 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 significantly 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.

What is the land classification for Ragamaliga Apartment Part -3?

Ragamaliga Apartment Part -3 is classified as Commercial Special Type - I under the Chennai South Joint I SRO.

What is the median guideline value in Medavakkam?

The median guideline value for streets in Medavakkam is Rs 2,200 per sq.ft, with Ragamaliga Apartment Part -3 being above this median.

Where can I find the Sub Registrar Office for this property?

The Sub Registrar Office covering Ragamaliga Apartment Part -3 is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.