Guideline Value for RAMALINGA NAGAR

Ramalinga Nagar guideline value

The current guideline value of Ramalinga Nagar in Nerkundram village, under the Virugambakkam SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class IV Type - I.

How the guideline value of Ramalinga Nagar has changed

The guideline value for Ramalinga Nagar has seen several revisions over the years. The earliest recorded figure is Rs 93 per sq.ft in 2002, which increased to Rs 103 per sq.ft in 2003. Following this, there was a significant rise to Rs 300 per sq.ft in 2007, and then a remarkable jump to Rs 2,000 per sq.ft in 2012. However, the value decreased to Rs 1,340 per sq.ft in 2017, before climbing back to Rs 2,000 per sq.ft in 2023, and finally reaching Rs 2,200 per sq.ft in the 2024 revision.

Between these revisions, notable changes include a 10% increase from 2023 to 2024, a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, a staggering 567% increase from 2007 to 2012, a 191% increase from 2003 to 2007, and an 11% increase from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 2,266%.

Guideline values in Nerkundram

Nerkundram has a total of 476 streets under the Virugambakkam SRO, with 2024 guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is equal to the current figure for Ramalinga Nagar.

• RAJEEV NAGAR (S.No.338,343): Rs 2,750 per sq.ft (2024)
• RAJEEV GANDHI NAGAR Main Road (271,272,278): Rs 2,750 per sq.ft (2024)
• RAJEEV GANDHI NAGAR ANNEXE Main Road: Rs 2,750 per sq.ft (2024)
• RAJEEV GANDHI NAGAR ANNEXE 2nd Street: Rs 2,750 per sq.ft (2024)
• RAJEEV GANDHI NAGAR ANNEXE 1st Street: Rs 2,750 per sq.ft (2024)
• Rajeev Gandhi Nagar Annexe: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Ramalinga Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. Please note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ramalinga Nagar?

The Sub Registrar Office that covers Ramalinga Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nerkundram. It serves as a benchmark for determining the minimum value on which stamp duty and registration fees are calculated.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair value. This value is used to calculate the applicable taxes, ensuring compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Ramalinga Nagar?

The current guideline value of Ramalinga Nagar is Rs 2,200 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 93 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 2,266% over this period.

What is the land classification of Ramalinga Nagar?

Ramalinga Nagar is classified as Residential Class IV Type - I, which indicates its suitability for residential development.

What are the stamp duty rates for property in Ramalinga Nagar?

The stamp duty for property transactions in Ramalinga Nagar is 7% of the guideline value, while the registration fee is 2% of the guideline value.

Where is the Sub Registrar Office for Ramalinga Nagar located?

The Virugambakkam Sub Registrar Office, which covers Ramalinga Nagar, is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.