Guideline Value for RAMAKRISHNA NAGAR MIG & HIG COLONY

Ramakrishna Nagar Mig & Hig Colony guideline value

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

How the guideline value of Ramakrishna Nagar Mig & Hig Colony has changed

Over the years, the guideline value for Ramakrishna Nagar Mig & Hig Colony has seen revisions. The 2012 revision set the value at Rs 10,500 per sq.ft. The most recent revision in 2024 increased this to Rs 11,500 per sq.ft, marking a 10% increase from the 2012 figure.

The register has no figures for the years 2023, 2017, 2007, 2003, and 2002 for this street. Thus, the only revisions available are from 2012 and 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 current value for Ramakrishna Nagar Mig & Hig Colony above this median.

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

Stamp duty and registration fee for property in Ramakrishna Nagar Mig & Hig Colony

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. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ramakrishna Nagar Mig & Hig Colony?

The Ramakrishna Nagar Mig & Hig Colony falls under the jurisdiction of 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 property transactions in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the sale or purchase of property.

When you register a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the registration reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value for Ramakrishna Nagar Mig & Hig Colony?

The current guideline value for Ramakrishna Nagar Mig & Hig Colony 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 11,500 per sq.ft in 2024, representing a 10% increase. There are no figures available for the years 2023, 2017, 2007, 2003, and 2002.

What is the median guideline value for streets in Mylapore?

The median guideline value for streets in Mylapore is Rs 8,800 per sq.ft. The value for Ramakrishna Nagar Mig & Hig Colony is above this median.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in Ramakrishna Nagar Mig & Hig Colony is 7% of the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office covering Ramakrishna Nagar Mig & Hig Colony is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.