Guideline Value for RAMAKRISHNAPURAM 1ST STREET

Ramakrishnapuram 1st Street guideline value

The current guideline value of Ramakrishnapuram 1st 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 it falls under the Residential Class II Type - III land classification.

How the guideline value of Ramakrishnapuram 1st Street has changed

Over the years, the guideline value for Ramakrishnapuram 1st Street has seen significant changes. The earliest recorded revision was in 2007, where the guideline value was Rs 1,000 per sq.ft. This value saw a substantial increase to Rs 10,500 per sq.ft in the 2012 revision, marking a dramatic rise of 950%. The most recent revision in 2024 set the guideline value at Rs 11,500 per sq.ft, reflecting a 10% increase from the 2012 figure.

It is important to note that there are no recorded figures for the years 2002, 2003, 2017, and 2023 for this street. Overall, from 2007 to 2024, the guideline value has increased by 1050%, showcasing a significant upward trajectory in the valuation of this property.

Guideline values in Mylapore

The guideline values in Mylapore village show a range 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 Ramakrishnapuram 1st Street is notably above this median.

• Ramakrishnapuram 2nd Street: Rs 11,500 per sq.ft (2024)
• Ramakrishnapuram 3rd Street: Rs 11,500 per sq.ft (2024)
• Ramakrishnapuram 4th Street: Rs 11,500 per sq.ft (2024)
• Ramakrishnapuram 5th Street: Rs 11,500 per sq.ft (2024)
• Ramakrishnapuram 6th Street: Rs 11,500 per sq.ft (2024)
• Ramakrishnapuram Main Road: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Ramakrishnapuram 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 11,500 per sq.ft, the 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 guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Ramakrishnapuram 1st Street?

The Sub Registrar Office that covers Ramakrishnapuram 1st 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 metric used during property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that properties are not undervalued during the sale process.

When buying or selling property, the guideline value affects the stamp duty and registration fees, which are calculated based on this value or the agreed sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Ramakrishnapuram 1st Street?

The current guideline value of Ramakrishnapuram 1st 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 1,000 per sq.ft in 2007 to Rs 10,500 per sq.ft in 2012, and then to Rs 11,500 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2017, and 2023.

What are the stamp duty and registration fees for properties here?

For a property valued at Rs 1,15,00,000, the stamp duty is Rs 8,05,000 and the registration fee is Rs 2,30,000, totaling Rs 10,35,000. These fees are calculated based on the guideline value or sale price, whichever is higher.

Which office handles registrations for Ramakrishnapuram 1st Street?

The Mylapore Sub Registrar Office handles registrations for Ramakrishnapuram 1st Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How is the guideline value determined?

The guideline value is determined by the Registration Department and is revised periodically based on various factors. It serves as a reference for property transactions, ensuring that properties are registered at a fair value.