Guideline Value for RAMAIAH NAGAR

Ramaiah Nagar guideline value

The current guideline value of Ramaiah Nagar, located in Kolathuvancheri village, is Rs 990 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - II.

How the guideline value of Ramaiah Nagar has changed

The guideline value for Ramaiah Nagar has seen several revisions over the years. In 2007, the value was Rs 500 per sq.ft, which increased to Rs 900 per sq.ft in 2012. However, it decreased to Rs 603 per sq.ft in 2017. The 2023 revision set the value at Rs 900 per sq.ft, and the most recent 2024 revision has increased it to Rs 990 per sq.ft. The register has no figure for this street in 2002 and 2003.

From 2007 to 2012, there was an increase of 80%, followed by a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023. The jump from 2023 to 2024 represents a 10% increase. Overall, from 2007 to 2024, the guideline value has increased by 98%.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO with a 2024 guideline value range from Rs 660 to Rs 4,600 per sq.ft, with a median value of Rs 1,650 per sq.ft. The guideline value of Ramaiah Nagar is below this median.

• Rama Krishna Nagar: Rs 2,200 per sq.ft (2024)
• Rajaganpathy Nagar Phase I: Rs 1,320 per sq.ft (2024)
• Raja Ganapathy Nagar Phase II: Rs 1,320 per sq.ft (2024)
• Raja Ganapathy Nagar: Rs 1,320 per sq.ft (2024)
• Poonmuthu Nagar: Rs 1,260 per sq.ft (2024)
• Pooniamman Nagar: Rs 990 per sq.ft (2024)

Stamp duty and registration fee for property in Ramaiah Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 990 per sq.ft, the total guideline value would be Rs 9,90,000. The stamp duty at 7% would amount to Rs 69,300, and the registration fee at 2% would be Rs 19,800, making the total fees Rs 89,100. 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 details.

Which Sub Registrar Office covers Ramaiah Nagar?

The Sub Registrar Office that covers Ramaiah 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 information.

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

The guideline value is an essential factor when registering property transactions in Kolathuvancheri. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When you buy or sell property, the guideline value will influence the total cost involved in the transaction. It is crucial for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Ramaiah Nagar?

The current guideline value of Ramaiah Nagar is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 990 per sq.ft in 2024, reflecting an overall increase of 98% over the years.

What are the stamp duty and registration fees for property in Ramaiah Nagar?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 9,90,000, the total fees would amount to Rs 89,100.

Which office registers properties in Ramaiah Nagar?

The Chennai South Joint I Sub Registrar Office is responsible for registering properties in Ramaiah Nagar.

What is the significance of guideline value in property transactions?

The guideline value is used to determine the minimum price for property registration, ensuring that appropriate stamp duty and registration fees are collected by the government.