Guideline Value for RAMAKRISHNA NAGAR 2ND MAIN ROAD

Ramakrishna Nagar 2nd Main Road guideline value

The current guideline value of Ramakrishna Nagar 2nd Main Road 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 Main Road has changed

The guideline value for Ramakrishna Nagar 2nd Main Road has seen significant changes over the years. In 2002, the value was Rs 1,220 per sq.ft, which increased dramatically by 338% to Rs 5,343 per sq.ft by 2007. The value then rose by 97% to Rs 10,500 per sq.ft in 2012, but saw a decrease of 33% to Rs 7,035 per sq.ft in 2017. From 2017 to 2023, the guideline value increased by 49% to reach Rs 10,500 per sq.ft, and most recently, it has risen by 10% to Rs 11,500 per sq.ft in 2024.

The register does not have a figure for the year 2003 for this street. Overall, from 2002 to 2024, the guideline value has increased by 843%.

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 is Rs 8,800 per sq.ft, placing Ramakrishna Nagar 2nd Main Road's 2024 figure above this median.

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

Stamp duty and registration fee for property in Ramakrishna Nagar 2nd 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, totaling Rs 10,35,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ramakrishna Nagar 2nd Main Road?

The Sub Registrar Office that covers Ramakrishna Nagar 2nd Main Road 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 additional information.

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

The guideline value is a crucial factor when buying or selling property in Mylapore, as it determines the minimum value at which a property can be registered. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are aligned with the property’s assessed value.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This process helps maintain transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of Ramakrishna Nagar 2nd Main Road?

The current guideline value of Ramakrishna Nagar 2nd 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 increased from Rs 1,220 per sq.ft in 2002 to Rs 11,500 per sq.ft in 2024, marking an overall increase of 843% over this period.

What are the other streets with the same guideline value in Mylapore?

Other streets in Mylapore with a guideline value of Rs 11,500 per sq.ft in 2024 include Ramakrishna Nagar 2nd Cross Street, Ramakrishna Nagar 3rd Cross Street, Ramakrishna Nagar 1st Main Road, Ramakrishna Nagar 1st Cross Street, and Ramakrishna Nagar 4th Cross Street.

What is the stamp duty rate for properties in Ramakrishna Nagar 2nd Main Road?

The stamp duty rate for properties in Ramakrishna Nagar 2nd Main Road is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office located for Ramakrishna Nagar 2nd Main Road?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.