Guideline Value for RAM NAGAR

Ram Nagar guideline value

The current guideline value of Ram Nagar, located in Pallikaranai village under the Chennai South Joint I SRO, is Rs 2,200 per sq.ft as per the 2024 revision effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Ram Nagar has changed

Over the years, the guideline value of Ram Nagar has seen significant changes. In the 2002 revision, the guideline value was Rs 111 per sq.ft, which increased to Rs 250 per sq.ft in 2003, marking a rise of 125%. By 2007, the value surged to Rs 900 per sq.ft, reflecting a 260% increase. The 2012 revision saw a decrease to Rs 2,000 per sq.ft, a drop of 122% from the previous figure. The value then increased to Rs 1,340 per sq.ft in 2017, representing a decline of 33% from 2012. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, which is a significant increase of 64% from 2017.

The register has no figure for this street for the year 2023. Overall, from 2002 to 2024, the guideline value has increased by 1882%.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Ram Nagar's 2024 figure above this median.

• Ram Nagar Extn.: Rs 2,200 per sq.ft (2024)
• Ram Nagar South Extn.: Rs 2,750 per sq.ft (2024)
• Ranganathan Puram: Rs 1,650 per sq.ft (2024)
• Ramalinga Adigal Street / Periyar Nagar: Rs 1,650 per sq.ft (2024)
• Ramalinga Adigal Street Extension: Rs 1,650 per sq.ft (2024)
• Rajivu Gandhi Street Extn,1st Cross Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Ram Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total charges to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Ram Nagar?

The Sub Registrar Office that covers Ram Nagar 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. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Pallikaranai. It is the minimum value set by the government for properties in a particular area, ensuring that properties are registered at a value that reflects the market conditions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers must pay these fees based on the guideline value or the sale price, whichever is higher, ensuring that the transaction is recorded accurately and fairly.

Frequently asked questions

What is the current guideline value of Ram Nagar?

The current guideline value of Ram Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 111 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, showing a substantial overall increase of 1882% over this period.

What is the land classification for Ram Nagar?

Ram Nagar is classified as Residential Class II Type - I, indicating its designation for residential use.

Where can I find the registration office for Ram Nagar?

The registration office for Ram Nagar 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 stamp duty calculated in Ram Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the guideline value of Rs 2,200 per sq.ft incurs a total guideline value of Rs 22,00,000.