Guideline Value for RAMAIAH STREET

Ramaiah Street guideline value

The current guideline value of Ramaiah Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Mambalam village and falls under the Thiyagaraya nagar SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Ramaiah Street has changed

The guideline value of Ramaiah Street has undergone several revisions over the years. In 2002, the value was Rs 557 per sq.ft, which increased to Rs 618 per sq.ft in 2003. Following this, the value rose significantly to Rs 1,012 per sq.ft in 2007, marking an increase of 64%. The 2012 revision saw the value at Rs 6,000 per sq.ft, which was a notable decrease of 33% from the previous revision. In 2017, the value increased to Rs 4,020 per sq.ft, and then it rose to Rs 6,000 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 6,600 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,085%. There are no figures available for the revisions in years other than those specified.

Guideline values in Mambalam

In Mambalam, there are 163 streets under the Thiyagaraya nagar SRO that carry a 2024 guideline value, ranging from Rs 4,400 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 6,600 per sq.ft, which is equal to the current value of Ramaiah Street.

• Ramakrishnapuram 3 Street: Rs 5,500 per sq.ft (2024)
• Rajaji Street Western Side Of Reddy Kuppam Road Contd: Rs 6,600 per sq.ft (2024)
• Rajaji Street(C.I.T.Nagar): Rs 7,700 per sq.ft (2024)
• Rajagopalan Street: Rs 6,600 per sq.ft (2024)
• Railway Border 1 Street: Rs 6,600 per sq.ft (2024)
• Railway Border 2 Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Ramaiah Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty, charged at 7%, would be Rs 4,62,000, while the registration fee at 2% would be Rs 1,32,000. Together, these fees total Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Ramaiah Street?

The Sub Registrar Office that covers Ramaiah Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process of property transactions in Mambalam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property dealings.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers must be aware that these fees are based on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Ramaiah Street?

The current guideline value of Ramaiah Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 557 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 1,085% over this period.

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

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Which office is responsible for property registration in this area?

The Thiyagaraya nagar Sub Registrar Office is responsible for property registration in Ramaiah Street, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.

What is the significance of the guideline value in property transactions?

The guideline value is used as a benchmark for determining the minimum registration value of a property and is essential for calculating stamp duty and registration fees during property transactions.