Guideline Value for RAMAPPA NAGAR 1ST CROSS STREET

Ramappa Nagar 1st Cross Street guideline value

The current guideline value of Ramappa Nagar 1st Cross Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Perungudi village and falls under the Neelankarai SRO, classified as Residential Special Type - IV.

How the guideline value of Ramappa Nagar 1st Cross Street has changed

The guideline value for Ramappa Nagar 1st Cross Street has seen several revisions over the years. Starting from Rs 262 per sq.ft in 2002, the value increased to Rs 296 per sq.ft in 2003, representing a 13% increase. The value continued to rise, reaching Rs 1,000 per sq.ft in 2007, which was a significant jump of 238%. In 2012, the value was recorded at Rs 5,000 per sq.ft, showing a decrease of 400% from the previous figure. The 2017 revision marked a new increase to Rs 3,350 per sq.ft, which was a 49% rise from 2012. The 2023 revision set the value at Rs 5,000 per sq.ft, and the latest revision in 2024 has increased it to Rs 5,500 per sq.ft, reflecting a 10% increase.

There are no figures available for the years not mentioned in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 1999%.

Guideline values in Perungudi

In Perungudi, there are 249 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, positioning Ramappa Nagar 1st Cross Street's 2024 figure above that median.

• Ramappa Nagar 2nd Cross Street: Rs 5,500 per sq.ft (2024)
• Ramappa Nagar Main Road: Rs 5,500 per sq.ft (2024)
• Rampal Layout: Rs 7,700 per sq.ft (2024)
• Rajiv Nagar Ist Main Road: Rs 3,300 per sq.ft (2024)
• Rajiv Nagar Ist Cross Street: Rs 3,300 per sq.ft (2024)
• Rajiv Nagar Extention 1 And 2nd Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Ramappa Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty, charged at 7%, would amount to Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000. Together, the total cost for these fees would be Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ramappa Nagar 1st Cross Street?

The Sub Registrar Office that covers Ramappa Nagar 1st Cross 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 more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Perungudi. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately and legally.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two 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 Ramappa Nagar 1st Cross Street?

The current guideline value of Ramappa Nagar 1st Cross Street is Rs 5,500 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 262 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 1999% over the years.

What are the other streets in Perungudi with similar guideline values?

Other streets in Perungudi with similar guideline values include Ramappa Nagar 2nd Cross Street and Ramappa Nagar Main Road, both at Rs 5,500 per sq.ft in 2024.

How is stamp duty calculated for properties in Ramappa Nagar 1st Cross Street?

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 Rs 5,500 per sq.ft, the stamp duty would be Rs 3,85,000.

Where can I find the Sub Registrar Office for this area?

The Neelankarai Sub Registrar Office covers Ramappa Nagar 1st Cross Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.