Guideline Value for RAMALAKSHMI NAGAR

Ramalakshmi Nagar guideline value

The current guideline value of Ramalakshmi Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Hastinapuram village and falls under the Pallavaram SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Ramalakshmi Nagar has changed

The guideline value for Ramalakshmi Nagar has seen several revisions over the years. In 2012, the guideline value was Rs 1,500 per sq.ft, which remained unchanged until the 2017 revision when it decreased to Rs 1,005 per sq.ft. This was a significant drop of 33%. The value then increased to Rs 1,500 per sq.ft in 2012, followed by a substantial rise to Rs 1,500 per sq.ft in 2017, and further increased to Rs 1,650 per sq.ft in 2023, marking a 49% increase over six years.

From the 2023 revision to the current 2024 revision, the guideline value increased by 10%, bringing it to Rs 1,650 per sq.ft. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register does not provide figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median value for these streets is Rs 2,970 per sq.ft, placing Ramalakshmi Nagar's 2024 figure below that median.

• Ramakrishna Street: Rs 4,400 per sq.ft (2024)
• Ramamurthy Street: Rs 2,970 per sq.ft (2024)
• Raman 1st Street: Rs 2,970 per sq.ft (2024)
• Ramachandra Street: Rs 4,400 per sq.ft (2024)
• Raman Street: Rs 2,970 per sq.ft (2024)
• Ramanujam Street: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in Ramalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000. Together, these fees would total Rs 1,48,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ramalakshmi Nagar?

The Sub Registrar Office that covers Ramalakshmi Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor when registering property transactions in Hastinapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is in line with the prevailing market conditions.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which can impact the total cost of the transaction.

Frequently asked questions

What is the current guideline value of Ramalakshmi Nagar?

The current guideline value of Ramalakshmi Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Ramalakshmi Nagar?

The land classification for Ramalakshmi Nagar is Residential Class III Type - I.

Where is the Sub Registrar Office for Ramalakshmi Nagar located?

The Sub Registrar Office for Ramalakshmi Nagar is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone.

How is stamp duty calculated for property in Ramalakshmi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current guideline value of Rs 16,50,000, the stamp duty would be Rs 1,15,500 at 7%.