Guideline Value for RAMAKRISHNAPURAM 4TH STREET

Ramakrishnapuram 4th Street guideline value

The current guideline value of Ramakrishnapuram 4th Street is Rs 11,500 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the jurisdiction of the Mylapore SRO, and is classified as Residential Class II Type - III.

How the guideline value of Ramakrishnapuram 4th Street has changed

The guideline value for Ramakrishnapuram 4th Street has undergone several revisions over the years. In 2002, the guideline value was Rs 783 per sq.ft. This increased to Rs 870 per sq.ft in 2003, followed by a rise to Rs 1,000 per sq.ft in 2007. The value saw a significant jump to Rs 10,500 per sq.ft in 2012, but then decreased to Rs 7,035 per sq.ft in 2017. The value was revised to Rs 10,500 per sq.ft in 2023, and currently stands at Rs 11,500 per sq.ft as of the 2024 revision.

Between the revisions, the changes were as follows: from 2002 to 2003, the increase was +11%; from 2003 to 2007, it was +15%; from 2007 to 2012, there was a notable increase of +950%; however, from 2012 to 2017, the value decreased by -33%. The value then increased by +49% from 2017 to 2023, and finally, there was a +10% rise from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +1369%.

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 guideline value for these streets is Rs 8,800 per sq.ft, placing Ramakrishnapuram 4th Street's 2024 figure above that median.

• Ramakrishnapuram 5th Street: Rs 11,500 per sq.ft (2024)
• Ramakrishnapuram 6th Street: Rs 11,500 per sq.ft (2024)
• Ramakrishnapuram 3rd Street: Rs 11,500 per sq.ft (2024)
• Ramakrishnapuram Main Road: Rs 8,800 per sq.ft (2024)
• Ramakrishnapuram 2nd Street: Rs 11,500 per sq.ft (2024)
• Ramakrishnapuram 1st Street: Rs 11,500 per sq.ft (2024)

Stamp duty and registration fee for property in Ramakrishnapuram 4th 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 is charged at 7%, which totals Rs 8,05,000, and the registration fee is at 2%, amounting to Rs 2,30,000. Together, the total cost for stamp duty and registration fee is 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramakrishnapuram 4th Street?

The Sub Registrar Office that covers Ramakrishnapuram 4th 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 during the registration of property transactions in Mylapore. It serves as a reference point for determining the minimum price at which a property can be registered. Buyers and sellers must ensure that the sale price meets or exceeds the guideline value to avoid any legal issues during the registration process.

Additionally, the guideline value is used to calculate the applicable stamp duty and registration fees. These fees are calculated based on the higher value between the guideline value and the actual sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Ramakrishnapuram 4th Street?

The current guideline value of Ramakrishnapuram 4th 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, from Rs 783 per sq.ft in 2002 to Rs 11,500 per sq.ft in 2024, reflecting an overall increase of +1369% over this period.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 1,15,00,000, the total fees would amount to Rs 10,35,000.

Which office handles registrations for Ramakrishnapuram 4th Street?

The Mylapore Sub Registrar Office handles registrations for Ramakrishnapuram 4th Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

Where can I find more information about the guideline value?

More information about the guideline value can be found in the Registration Department's guideline value register (TNReginet).