Guideline Value for RAMAKRISHNAPURAM 6TH STREET

Ramakrishnapuram 6th Street guideline value

The current guideline value of Ramakrishnapuram 6th 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 6th Street has changed

The guideline value for Ramakrishnapuram 6th 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, marking an 11% rise. By 2007, the value saw a significant jump to Rs 1,000 per sq.ft, which was a 15% increase from the previous year. The 2012 revision brought the value to Rs 10,500 per sq.ft, reflecting a substantial increase of 950% from 2007. However, in 2017, the value decreased to Rs 7,035 per sq.ft, a decline of 33%.

In 2023, the guideline value rose to Rs 10,500 per sq.ft, and in the latest revision of 2024, it increased further to Rs 11,500 per sq.ft, which is a 10% rise from the previous year. 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 value for these streets is Rs 8,800 per sq.ft, placing Ramakrishnapuram 6th Street's 2024 guideline value above this median.

• Ramakrishnapuram 5th Street: Rs 11,500 per sq.ft (2024)
• Ramakrishnapuram Main Road: Rs 8,800 per sq.ft (2024)
• Ramakrishnapuram 4th Street: Rs 11,500 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 6th 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 to Rs 10,35,000. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramakrishnapuram 6th Street?

The Sub Registrar Office that covers Ramakrishnapuram 6th 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 property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be sold or purchased, ensuring that all transactions are recorded at a fair value. When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees.

During the registration process, buyers and sellers must be aware that the stamp duty is charged based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the true value of the property being exchanged.

Frequently asked questions

What is the current guideline value of Ramakrishnapuram 6th Street?

The current guideline value of Ramakrishnapuram 6th 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 seen significant changes from Rs 783 per sq.ft in 2002 to Rs 11,500 per sq.ft in 2024, marking an overall increase of 1369%.

What is the land classification for Ramakrishnapuram 6th Street?

Ramakrishnapuram 6th Street is classified as Residential Class II Type - III.

Where can I find the Mylapore Sub Registrar Office?

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

How is the stamp duty calculated for properties in Ramakrishnapuram 6th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at the current guideline value results in a total stamp duty of Rs 8,05,000.