Guideline Value for RAMAKRISHNA NAGAR 1ST CROSS STREET

Ramakrishna Nagar 1st Cross Street guideline value

The current guideline value of Ramakrishna Nagar 1st Cross Street is Rs 11,500 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class II Type - III.

How the guideline value of Ramakrishna Nagar 1st Cross Street has changed

The guideline value for Ramakrishna Nagar 1st Cross Street has undergone several revisions over the years. The 2012 revision set the value at Rs 10,500 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 7,035 per sq.ft. The value then increased to Rs 10,500 per sq.ft in 2023, marking a significant increase of 49%. The most recent revision in 2024 has further increased the guideline value to Rs 11,500 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.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, placing Ramakrishna Nagar 1st Cross Street's 2024 figure above that median.

• Ramakrishna Nagar 1st Main Road: Rs 11,500 per sq.ft (2024)
• Ramakrishna Nagar: Rs 11,500 per sq.ft (2024)
• Ramakrishna Nagar 2nd Cross Street: Rs 11,500 per sq.ft (2024)
• Ramakrishna Nagar 2nd Main Road: Rs 11,500 per sq.ft (2024)
• Ramakrishna Nagar 3rd Cross Street: Rs 11,500 per sq.ft (2024)
• Ramakrishna Nagar 4th Cross Street: Rs 11,500 per sq.ft (2024)

Stamp duty and registration fee for property in Ramakrishna Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 11,500 per sq.ft, the total guideline value would be Rs 1,15,00,000. The stamp duty at 7% would amount to Rs 8,05,000, and the registration fee at 2% would be Rs 2,30,000, bringing the total fees to Rs 10,35,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ramakrishna Nagar 1st Cross Street?

The Sub Registrar Office that covers Ramakrishna Nagar 1st Cross Street 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 in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Ramakrishna Nagar 1st Cross Street?

The current guideline value of Ramakrishna Nagar 1st Cross Street is Rs 11,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 10,500 per sq.ft in 2012 to Rs 7,035 per sq.ft in 2017, then to Rs 10,500 per sq.ft in 2023, and finally to Rs 11,500 per sq.ft in 2024.

What are the stamp duty rates for properties in this area?

The stamp duty rate for properties in Ramakrishna Nagar 1st Cross Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office covering Ramakrishna Nagar 1st Cross Street is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the median guideline value in Mylapore?

The median guideline value in Mylapore is Rs 8,800 per sq.ft, and Ramakrishna Nagar 1st Cross Street's 2024 figure is above this median.