Guideline Value for RAMAKRISHNAPURAM 2ND STREET

Ramakrishnapuram 2nd Street guideline value

The current guideline value for Ramakrishnapuram 2nd 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 Ramakrishnapuram 2nd Street has changed

The guideline value for Ramakrishnapuram 2nd Street has seen several revisions over the years. In 2002, the value was Rs 783 per sq.ft, which increased to Rs 870 per sq.ft in 2003, marking an increase of 11%. The value then rose to Rs 1,000 per sq.ft in 2007, reflecting a 15% increase. A significant jump occurred in 2012, where the value reached Rs 10,500 per sq.ft, representing a notable increase of 950%. However, this value decreased to Rs 7,035 per sq.ft in 2017, a decline of 33%.

From 2017 to 2023, the guideline value increased to Rs 10,500 per sq.ft, which is a rise of 49%. The most recent revision in 2024 set the value at Rs 11,500 per sq.ft, showing a 10% increase from the previous year. The overall change from 2002 to 2024 is an increase of 1,369%.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Ramakrishnapuram 2nd Street above this median.

• Ramakrishnapuram 1st 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 2nd 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, resulting in a total of 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramakrishnapuram 2nd Street?

The Sub Registrar Office that covers Ramakrishnapuram 2nd 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 details.

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

The guideline value is a crucial factor when registering property transactions in Mylapore. It serves as a benchmark for determining the minimum value of a property for registration purposes, ensuring that transactions are recorded at a fair value.

When a property is bought or sold, the guideline value is used to calculate the applicable stamp duty and registration fees, which are mandatory for legal ownership transfer. This ensures transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Ramakrishnapuram 2nd Street?

The current guideline value of Ramakrishnapuram 2nd 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 783 per sq.ft in 2002 to Rs 11,500 per sq.ft in 2024, reflecting an overall increase of 1,369%.

What is the stamp duty rate for properties in Ramakrishnapuram 2nd Street?

The stamp duty rate for properties in Ramakrishnapuram 2nd Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Ramakrishnapuram 2nd Street?

The Sub Registrar Office for Ramakrishnapuram 2nd Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How is the guideline value determined for properties in Mylapore?

The guideline value is determined based on various factors including location, land classification, and historical revisions. It is updated periodically to reflect changes in the real estate market.