Guideline Value for RAMAKRISHNA NAGAR 1ST MAIN ROAD

Ramakrishna Nagar 1st Main Road guideline value

The current guideline value of Ramakrishna Nagar 1st Main Road is Rs 11,500 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Ramakrishna Nagar 1st Main Road has changed

In the 2007 revision, the guideline value was Rs 5,343 per sq.ft. This figure saw a significant increase in the 2012 revision, where it remained at Rs 10,500 per sq.ft, reflecting a 97% increase from the previous revision. The 2023 revision also maintained this value at Rs 10,500 per sq.ft, showing no change from 2012. However, in the 2024 revision, the guideline value increased to Rs 11,500 per sq.ft, marking a 10% rise from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 115%. It is important to note that there are no figures available for the years 2002, 2003, and 2017 in the register for this street.

Guideline values in Mylapore

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

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

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

Which Sub Registrar Office covers Ramakrishna Nagar 1st Main Road?

The Sub Registrar Office that covers Ramakrishna Nagar 1st Main Road is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in determining the stamp duty and registration fees when buying or selling property in Mylapore. It serves as a reference point for the official valuation of the property, ensuring that the transaction is recorded accurately in the land registry.

During the registration process, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Ramakrishna Nagar 1st Main Road?

The current guideline value of Ramakrishna Nagar 1st Main Road 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 5,343 per sq.ft in 2007 to Rs 11,500 per sq.ft in 2024, marking an overall increase of 115% over the years.

What is the registration fee and stamp duty for properties in this area?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total stamp duty and registration fee would amount to Rs 10,35,000.

Which Sub Registrar Office should I approach for registration?

You should approach the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018, for registration of property in Ramakrishna Nagar 1st Main Road.

What is the significance of the guideline value?

The guideline value is significant as it determines the stamp duty and registration fees applicable during property transactions. It acts as a benchmark for valuing properties in the area.