Guideline Value for RAMAKRISHNAPURAM 3RD STREET

Ramakrishnapuram 3rd Street guideline value

The current guideline value of Ramakrishnapuram 3rd 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 3rd Street has changed

The guideline value for Ramakrishnapuram 3rd Street has seen significant changes over the years. In 2002, the guideline value was Rs 783 per sq.ft, which increased to Rs 870 per sq.ft in 2003, marking an 11% rise. The value further increased to Rs 1,000 per sq.ft in 2007, showing a 15% change. A substantial jump occurred in 2012, where the guideline value reached Rs 10,500 per sq.ft, reflecting a 950% increase from the previous figure.

In 2017, the guideline value was Rs 7,035 per sq.ft, which was a decrease of 33% from 2012. The value then rose to Rs 10,500 per sq.ft in 2023, an increase of 49%. The most recent revision in 2024 set the guideline value at Rs 11,500 per sq.ft, marking a 10% increase from the previous year. There are no figures available for the years not listed in the register for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO with 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, placing Ramakrishnapuram 3rd Street's 2024 figure above that median.

• Ramakrishnapuram 4th Street: Rs 11,500 per sq.ft (2024)
• Ramakrishnapuram 2nd 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)
• Ramakrishnapuram 1st Street: Rs 11,500 per sq.ft (2024)

Stamp duty and registration fee for property in Ramakrishnapuram 3rd Street

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 cost to Rs 10,35,000. It is important to note that 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 details.

Which Sub Registrar Office covers Ramakrishnapuram 3rd Street?

The Sub Registrar Office that covers Ramakrishnapuram 3rd 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 plays a crucial role in the registration of property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duty are calculated based on the guideline value or the sale price, whichever is higher.

When a property is sold, the guideline value ensures that the transaction is recorded accurately and transparently. It helps maintain a standard for property valuation, ensuring that all transactions comply with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Ramakrishnapuram 3rd Street?

The current guideline value of Ramakrishnapuram 3rd 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 changed significantly, starting from Rs 783 per sq.ft in 2002 to Rs 11,500 per sq.ft in 2024, reflecting an overall increase of 1369% over the years.

What are the stamp duty and registration fees for properties in this street?

For a 1,000 sq.ft property at the current guideline value, the total stamp duty and registration fees would amount to Rs 10,35,000, calculated based on the guideline value.

Which Sub Registrar Office handles registrations for Ramakrishnapuram 3rd Street?

The Mylapore Sub Registrar Office handles registrations for Ramakrishnapuram 3rd Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification for Ramakrishnapuram 3rd Street?

Ramakrishnapuram 3rd Street is classified as Residential Class II Type - III according to the land classification guidelines.