Guideline Value for RAMAN STREET

Raman Street guideline value

The current guideline value of Raman Street in Okkiyamthuraipakkam village under the Neelankarai SRO is Rs 2,800 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - II.

How the guideline value of Raman Street has changed

Raman Street has seen several revisions in its guideline value over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was a decrease of 33% from the Rs 1,675 per sq.ft set in the 2017 revision. The 2023 revision increased the value to Rs 2,500 per sq.ft, and the most recent 2024 revision raised it to Rs 2,800 per sq.ft, marking a 12% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 12%. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO with 2024 guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Raman Street's 2024 figure below this median.

• Raman Nagar: Rs 2,200 per sq.ft (2024)
• Raju Nagar II: Rs 3,900 per sq.ft (2024)
• Raju Nagar I: Rs 3,900 per sq.ft (2024)
• Raju Main Road: Rs 4,400 per sq.ft (2024)
• Raju 7 Th Street: Rs 3,900 per sq.ft (2024)
• Raju 6 Th Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Raman Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value is Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total cost to Rs 2,52,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Raman Street?

The Sub Registrar Office that covers Raman Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for further assistance.

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

The guideline value is an important reference point when buying or selling property in Okkiyamthuraipakkam. It determines the minimum value at which a property can be registered, ensuring that the transaction is in line with government regulations.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This process helps in maintaining transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value of Raman Street?

The current guideline value of Raman Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Raman Street has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,800 per sq.ft in 2024. It was Rs 1,675 per sq.ft in 2017 and Rs 2,500 per sq.ft in 2012.

What is the median guideline value in Okkiyamthuraipakkam?

The median guideline value for the 453 streets in Okkiyamthuraipakkam is Rs 3,300 per sq.ft. Raman Street's 2024 figure of Rs 2,800 per sq.ft is below this median.

What are the stamp duty rates applicable?

The stamp duty for properties in Raman Street is 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2%.

Where can I find the Sub Registrar Office for Raman Street?

The Neelankarai Sub Registrar Office covers Raman Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.