Guideline Value for RAM NAGAR

Ram Nagar guideline value

The current guideline value for Ram Nagar, Padi village, under the Villivakkam SRO is Rs 4,900 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - II.

How the guideline value of Ram Nagar has changed

The guideline value for Ram Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 581 per sq.ft. This increased to Rs 655 in 2003, followed by a rise to Rs 850 in 2007. The 2012 revision saw a significant increase, bringing the value to Rs 4,500 per sq.ft. However, it then decreased to Rs 3,015 in 2017. The 2023 revision marked an increase to Rs 4,500 per sq.ft, and the most recent 2024 revision has set the value at Rs 4,900 per sq.ft.

In terms of percentage changes, the guideline value increased by 9% from 2023 to 2024. From 2017 to 2023, there was a notable increase of 49%. The 2012 to 2017 period saw a decrease of 33%. The value surged by 429% from 2007 to 2012, while there was a 30% increase from 2003 to 2007. The 2002 to 2003 revision experienced a 13% increase. Overall, from 2002 to 2024, the guideline value has risen by 743%.

Guideline values in Padi

In Padi village, there are 354 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median value in this area is Rs 3,800 per sq.ft, making Ram Nagar's 2024 figure above that median.

• Rohini Flats: Rs 13,100 per sq.ft (2024)
• Raja Street: Rs 2,800 per sq.ft (2024)
• Sakthi Nagar: Rs 2,500 per sq.ft (2024)
• Radial House Block No.9 To 50: Rs 3,800 per sq.ft (2024)
• Radial House Block No.8 (Plot No's.1 & 12 To 16): Rs 9,900 per sq.ft (2024)
• Radial House Block No.7 (Plot No's.1 & 12 To 16): Rs 9,900 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 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, while the registration fee at 2% would be Rs 98,000. Together, the total cost for these fees would be Rs 4,41,000. It is important to note that the 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 further calculations.

Which Sub Registrar Office covers Ram Nagar?

The Sub Registrar Office that covers Ram Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Padi. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the current guideline value to ensure that they are compliant with the legal requirements.

When a property is registered, the guideline value is used to calculate the applicable fees based on the value of the property. This ensures that the transaction is recorded accurately and that the necessary taxes are paid to the government. Understanding the guideline value is essential for anyone involved in real estate transactions in Padi.

Frequently asked questions

What is the current guideline value for Ram Nagar?

The current guideline value for Ram Nagar is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 581 in 2002 to Rs 4,900 in 2024, with various increases and decreases along the way.

What is the land classification for Ram Nagar?

The land classification for Ram Nagar is Residential Class III Type - II, indicating its use for residential purposes.

Where can I find the Sub Registrar Office for Ram Nagar?

The Villivakkam Sub Registrar Office covers Ram Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How are stamp duty and registration fees calculated in Ram Nagar?

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 Rs 4,900 per sq.ft would incur specific fees based on that value.