Guideline Value for RAMAKRISHNA NAGAR

Ramakrishna Nagar guideline value

The current guideline value for Ramakrishna Nagar is Rs 11,500 per sq.ft, effective from 1 July 2024. This area 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 has changed

Since the 2002 revision, the guideline value for Ramakrishna Nagar has seen significant changes. In 2002, the value was Rs 1,383 per sq.ft, which increased to Rs 1,536 per sq.ft in 2003, marking an 11% rise. The value further increased to Rs 2,365 per sq.ft in 2007, reflecting a 54% increase. By 2012, the value had jumped to Rs 10,500 per sq.ft, a substantial 344% increase from the previous revision. However, in 2017, the value dropped to Rs 7,035 per sq.ft, representing a decline of 33%. The most recent revision in 2024 has set the guideline value at Rs 11,500 per sq.ft, showing a 63% increase from 2017.

Overall, from 2002 to 2024, the guideline value has increased by 732%. The register does not have a figure for the year 2023 for this street.

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, with a median value of Rs 8,800 per sq.ft. The guideline value for Ramakrishna Nagar is above this median.

• Ramakrishna Nagar 1st Cross Street: Rs 11,500 per sq.ft (2024)
• Ramakrishna Nagar 1st Main Road: 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 MUTT ROAD (Ventesa Agaharam to Venkata Krishan Iyer Road): Rs 15,400 per sq.ft (2024)
• RAMAKRISHNA MUTT ROAD (Venkatesa Iyar Road to Greenways Road): Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in Ramakrishna Nagar

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 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 information.

Which Sub Registrar Office covers Ramakrishna Nagar?

The Sub Registrar Office covering Ramakrishna Nagar 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 further assistance.

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, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

Buyers and sellers should be aware that the guideline value is updated periodically, and it reflects the prevailing market conditions within the area. It is essential to check the latest guideline value before proceeding with any property transactions to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Ramakrishna Nagar?

The current guideline value of Ramakrishna Nagar 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 significantly from Rs 1,383 per sq.ft in 2002 to Rs 11,500 per sq.ft in 2024, representing an overall increase of 732%.

What is the land classification of Ramakrishna Nagar?

Ramakrishna Nagar is classified as Residential Class II Type - III under the Mylapore SRO.

Where can I find the Sub Registrar Office for Ramakrishna Nagar?

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

How is stamp duty calculated for properties in Ramakrishna Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft property at the current guideline value, the total stamp duty would be Rs 8,05,000 at a rate of 7%.