Guideline Value for RAMAKRISHNA NAGAR 2ND CROSS STREET

Ramakrishna Nagar 2nd Cross Street guideline value

The current guideline value of Ramakrishna Nagar 2nd 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 2nd Cross Street has changed

The guideline value for Ramakrishna Nagar 2nd Cross Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 11,500 per sq.ft, which is an increase of 10% from the 2023 figure of Rs 10,500 per sq.ft. The 2012 revision also recorded a value of Rs 10,500 per sq.ft, indicating no change from that year to 2023. The register has no figures for the years 2002, 2003, 2007, and 2017.

Overall, from 2012 to 2024, the guideline value has increased by 10%. This reflects a steady valuation during the years where no revisions were recorded, followed by the notable increase in 2024.

Guideline values in Mylapore

In Mylapore, 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 value for these streets is Rs 8,800 per sq.ft, making the 2024 figure for Ramakrishna Nagar 2nd Cross Street above this median.

• Ramakrishna Nagar 2nd Main Road: Rs 11,500 per sq.ft (2024)
• Ramakrishna Nagar 1st Main Road: Rs 11,500 per sq.ft (2024)
• Ramakrishna Nagar 1st Cross Street: Rs 11,500 per sq.ft (2024)
• Ramakrishna Nagar 3rd Cross Street: Rs 11,500 per sq.ft (2024)
• Ramakrishna Nagar: 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 2nd 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 to Rs 10,35,000. It is important to note that 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 2nd Cross Street?

The Sub Registrar Office that covers Ramakrishna Nagar 2nd 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 during the registration process of property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the transaction is recorded accurately in the official records.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential for completing the legal formalities of the transaction. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Ramakrishna Nagar 2nd Cross Street?

The current guideline value of Ramakrishna Nagar 2nd 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 increased from Rs 10,500 per sq.ft in 2023 to Rs 11,500 per sq.ft in 2024, marking a 10% increase. There was no change from 2012 to 2023, with the value remaining at Rs 10,500 per sq.ft during that period.

What is the land classification for Ramakrishna Nagar 2nd Cross Street?

Ramakrishna Nagar 2nd Cross Street is classified as Residential Class II Type - III, indicating its designation for residential purposes.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in this area is charged at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

Which office handles the registration of properties in Mylapore?

The Mylapore Sub Registrar Office handles the registration of properties in Mylapore. It is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.