Guideline Value for RAMACHANDRA COLONY

Ramachandra Colony guideline value

The current guideline value of Ramachandra Colony, located in Manapakkam village under the Chennai South Joint I SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Ramachandra Colony has changed

The guideline value for Ramachandra Colony has seen several revisions over the years. The 2012 revision recorded a value of Rs 3,000 per sq.ft, which was then reduced to Rs 2,010 per sq.ft in the 2017 revision. This marked a significant decrease of 33%. However, from 2017 to 2023, the value increased by 49% to reach Rs 3,000 per sq.ft, and the most recent 2024 revision has further increased it to Rs 3,300 per sq.ft, reflecting a 10% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Manapakkam

In Manapakkam, there are 368 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 12,800 per sq.ft. The median value for these streets is Rs 2,530 per sq.ft, making the guideline value of Ramachandra Colony above the median.

• Ramachandra Colony 1st Left Cross Street: Rs 3,300 per sq.ft (2024)
• Ramachandra Colony 2nd Left Cross Street: Rs 3,300 per sq.ft (2024)
• Ramachandra Colony 3rd Left Cross Street: Rs 3,300 per sq.ft (2024)
• Ramachandra Colony Salai: Rs 3,300 per sq.ft (2024)
• Ramachandra Mission Road: Rs 3,300 per sq.ft (2024)
• Ramapuram Main Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Ramachandra Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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 accurate calculations.

Which Sub Registrar Office covers Ramachandra Colony?

The Sub Registrar Office that covers Ramachandra Colony 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 information.

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

The guideline value is a crucial factor when buying or selling property in Manapakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures transparency and compliance with legal requirements during property transactions.

Frequently asked questions

What is the current guideline value of Ramachandra Colony?

The current guideline value of Ramachandra Colony is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What are the other streets in Manapakkam with the same guideline value?

Other streets in Manapakkam with a guideline value of Rs 3,300 per sq.ft include Ramachandra Colony 1st Left Cross Street, 2nd Left Cross Street, 3rd Left Cross Street, Ramachandra Colony Salai, Ramachandra Mission Road, and Ramapuram Main Road.

What is the registration office for Ramachandra Colony?

The registration office for Ramachandra Colony 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 Ramachandra Colony?

Stamp duty in Ramachandra Colony is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable on the guideline value.