Guideline Value for RAMARETTIPALAYAM COLONY

Ramarettipalayam Colony guideline value

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

How the guideline value of Ramarettipalayam Colony has changed

In the 2017 revision, the guideline value was Rs 335 per sq.ft. This figure increased to Rs 500 per sq.ft in the 2023 revision, marking a significant rise of 49% over the six-year period. The most recent revision in 2024 set the guideline value at Rs 550 per sq.ft, reflecting a further increase of 10% from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that the register has no figure for this street in the years 2002, 2003, 2007, and 2012.

Guideline values in Minjur

Minjur village has 179 streets under the Ponneri SRO with a 2024 guideline value ranging from Rs 440 to Rs 1,320 per sq.ft. The median value for these streets is Rs 550 per sq.ft, which is equal to the 2024 guideline value of Ramarettipalayam Colony.

• Ramarettipalayam & Main Road: Rs 550 per sq.ft (2024)
• Ramathilagam Avenue: Rs 550 per sq.ft (2024)
• Ramana Nagar: Rs 880 per sq.ft (2024)
• Ramamoorthy Street: Rs 550 per sq.ft (2024)
• Ramshankar Nagar: Rs 550 per sq.ft (2024)
• Rangha Avenue: Rs 440 per sq.ft (2024)

Stamp duty and registration fee for property in Ramarettipalayam Colony

For a 1,000 sq.ft plot at the current rate of Rs 550 per sq.ft, the 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, totaling Rs 49,500. It is important to note that 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 Ramarettipalayam Colony?

The Ramarettipalayam Colony falls under 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 is a crucial factor during the registration of property transactions in Minjur. It determines the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees applicable to the transaction.

Buyers and sellers must be aware that the guideline value may differ from the actual sale price. However, the stamp duty is charged on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Ramarettipalayam Colony?

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

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing 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. Overall, this represents a 64% increase from 2017 to 2024.

What is the land classification for Ramarettipalayam Colony?

Ramarettipalayam Colony is classified as Residential Class II Type - I, indicating its suitability for residential development.

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 all registrations for properties in Ramarettipalayam Colony.

How is stamp duty calculated for properties in Minjur?

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