Guideline Value for RAMA THOTTAM

Rama Thottam guideline value

The current guideline value of Rama Thottam is Rs 8,200 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Rama Thottam has changed

The guideline value for Rama Thottam has seen significant changes over the years. In 2002, the value was Rs 903 per sq.ft, which increased to Rs 1,003 per sq.ft in 2003, marking an 11% rise. By 2007, it further increased to Rs 1,540 per sq.ft, a 54% increase from the previous revision. The value surged dramatically to Rs 7,500 per sq.ft in 2012, representing a 387% increase. However, it dropped to Rs 5,025 per sq.ft in 2017, a decrease of 33%. The most recent revision in 2024 has set the value at Rs 8,200 per sq.ft, reflecting a 63% increase from 2017.

It is important to note that there is no figure available for the year 2023 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 808%.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Rama Thottam's 2024 figure below this median.

• Ramasamy Naicken Street: Rs 7,100 per sq.ft (2024)
• Rama Rao Garden Salai: Rs 9,900 per sq.ft (2024)
• Rama Rao Garden 3rd Street: Rs 9,900 per sq.ft (2024)
• Rama Rao Garden 2nd Street (Balaji Nagar): Rs 9,900 per sq.ft (2024)
• Rama Rao Garden 2nd Street: Rs 9,900 per sq.ft (2024)
• Rama Rao Garden 1st Street (Balaji Nagar): Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in Rama Thottam

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value amounts to Rs 82,00,000. The stamp duty at 7% would be Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000, bringing the total to Rs 7,38,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Rama Thottam?

The Sub Registrar Office that covers Rama Thottam is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees applicable during the property registration process. Buyers and sellers must consider the guideline value to ensure compliance with legal requirements and to accurately calculate the associated costs.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Rama Thottam?

The current guideline value of Rama Thottam is Rs 8,200 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 903 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, reflecting an overall increase of 808% over this period.

What is the land classification of Rama Thottam?

Rama Thottam is classified as Residential Class IV Type - I, which indicates its designation for residential purposes.

Where can I find the Mylapore Sub Registrar Office?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is the stamp duty calculated in Rama Thottam?

Stamp duty in Rama Thottam is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 82,00,000 would incur a stamp duty of Rs 5,74,000 at a rate of 7%.