Guideline Value for RAMAKRISHNAPURAM 5TH STREET

Ramakrishnapuram 5th Street guideline value

The current guideline value of Ramakrishnapuram 5th Street is Rs 11,500 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Ramakrishnapuram 5th Street has changed

The guideline value for Ramakrishnapuram 5th Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 783 per sq.ft. In 2003, it increased to Rs 870 per sq.ft, which was a rise of 11%. The 2007 revision marked a significant jump to Rs 1,000 per sq.ft, a change of 15%. The value then soared to Rs 10,500 per sq.ft in 2012, reflecting a substantial increase of 950%. However, it decreased to Rs 7,035 per sq.ft in 2017, a decline of 33%. The 2023 revision set the value at Rs 10,500 per sq.ft, showing an increase of 49%. Finally, the 2024 revision has brought the value to Rs 11,500 per sq.ft, which is a 10% increase from the previous year.

There are no figures available for the revisions of the years not mentioned in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 1369%.

Guideline values in Mylapore

In Mylapore village, 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 guideline value for these streets is Rs 8,800 per sq.ft, making the 2024 figure for Ramakrishnapuram 5th Street above this median.

• Ramakrishnapuram 4th 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 3rd Street: Rs 11,500 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 5th 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, bringing the total fees together 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 precise calculations.

Which Sub Registrar Office covers Ramakrishnapuram 5th Street?

The Sub Registrar Office that covers Ramakrishnapuram 5th 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 factor in the registration process 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 to ensure compliance with legal requirements during the transaction.

When a property is sold, the guideline value is utilized to calculate the applicable stamp duty and registration fees. It is essential for both parties to be aware of this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Ramakrishnapuram 5th Street?

The current guideline value of Ramakrishnapuram 5th 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 the years.

What is the land classification for Ramakrishnapuram 5th Street?

The land classification for Ramakrishnapuram 5th Street is Residential Class II Type - III.

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

For a property valued at Rs 1,15,00,000, the stamp duty would be Rs 8,05,000 and the registration fee would be Rs 2,30,000, totaling Rs 10,35,000.

Which office handles registrations for Ramakrishnapuram 5th Street?

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