Guideline Value for RAMAMOORTHY STREET

Ramamoorthy Street guideline value

The current guideline value of Ramamoorthy Street is Rs 550 per sq.ft, effective from 1 July 2024. This street is located in Minjur village, under the Ponneri SRO, and is classified as Residential Class II Type - I.

How the guideline value of Ramamoorthy Street has changed

The guideline value for Ramamoorthy Street has undergone several revisions over the years. The 2017 revision set the value at Rs 335 per sq.ft, which then increased to Rs 500 per sq.ft in the 2023 revision. The latest revision in 2024 has raised the value to Rs 550 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%.

It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for Ramamoorthy Street. The significant increase from Rs 335 per sq.ft in 2017 to Rs 550 per sq.ft in 2024 reflects a 49% rise between the 2017 and 2023 revisions, followed by the 10% increase in 2024.

Guideline values in Minjur

In Minjur village, there are 179 streets under the Ponneri SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 1,320 per sq.ft. The median guideline value is Rs 550 per sq.ft, which is equal to the 2024 figure for Ramamoorthy Street.

• Ramana Nagar: Rs 880 per sq.ft (2024)
• Ramarettipalayam Colony: Rs 550 per sq.ft (2024)
• Ramarettipalayam & Main Road: Rs 550 per sq.ft (2024)
• Ramathilagam Avenue: Rs 550 per sq.ft (2024)
• Ramshankar Nagar: Rs 550 per sq.ft (2024)
• Rajeswari Nagar: Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Ramamoorthy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total charges to Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramamoorthy Street?

The Sub Registrar Office that covers Ramamoorthy Street is the Ponneri Sub Registrar Office, located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Minjur. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold.

When registering a property, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Ramamoorthy Street?

The current guideline value of Ramamoorthy Street is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 335 per sq.ft in 2017 to Rs 500 per sq.ft in 2023, and then to Rs 550 per sq.ft in 2024. This represents a total increase of 64% from 2017 to 2024.

What is the land classification for Ramamoorthy Street?

Ramamoorthy Street is classified as Residential Class II Type - I. This classification affects the guideline value and the type of properties that can be developed in the area.

Where can I find the Ponneri Sub Registrar Office?

The Ponneri Sub Registrar Office is located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. This office handles the registration of properties in the area.

How is the stamp duty calculated for properties in Minjur?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 5,50,000, the stamp duty would be Rs 38,500 at 7%.