Guideline Value for RAMASAMY NAGAR 1ST STREET

Ramasamy Nagar 1st Street guideline value

The current guideline value of Ramasamy Nagar 1st Street is Rs 1,660 per sq.ft, effective from 1 July 2024. This street is located in Vanagaram village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Ramasamy Nagar 1st Street has changed

The guideline value for Ramasamy Nagar 1st Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in the 2017 revision. This marked a decline of 33%. However, the value rebounded significantly to Rs 1,500 per sq.ft in the 2023 revision, and further increased to Rs 1,660 per sq.ft in the 2024 revision, reflecting an increase of 11% from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 11%. The 2017 revision did not have a figure available for this street, and the revisions from 2002, 2003, and 2007 also do not have figures recorded.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO that have a guideline value for 2024, ranging from Rs 770 to Rs 5,500 per sq.ft. The median value among these streets is Rs 1,660 per sq.ft, which is equal to the current guideline value of Ramasamy Nagar 1st Street.

• Ramasamy Nagar 2nd Street: Rs 1,660 per sq.ft (2024)
• Ramasamy Nagar 1st Cross Street: Rs 1,660 per sq.ft (2024)
• Ramasamy Nagar 3rd Street: Rs 1,660 per sq.ft (2024)
• Ramasamy Nagar 4th Street: Rs 1,660 per sq.ft (2024)
• Ramasamy Nagar: Rs 1,660 per sq.ft (2024)
• Rangasamy Nayackar Cross Street: Rs 1,100 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,660 per sq.ft, the total guideline value amounts to Rs 16,60,000. The stamp duty at 7% would be Rs 1,16,200, and the registration fee at 2% would be Rs 33,200, bringing the total cost for these fees to Rs 1,49,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramasamy Nagar 1st Street?

The Sub Registrar Office that covers Ramasamy Nagar 1st Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration of property transactions in Vanagaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers must pay these fees based on the higher of the guideline value or the actual sale price, which helps maintain transparency in property dealings.

Frequently asked questions

What is the current guideline value of Ramasamy Nagar 1st Street?

The current guideline value of Ramasamy Nagar 1st Street is Rs 1,660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,660 per sq.ft in 2024.

What is the land classification for Ramasamy Nagar 1st Street?

The land classification for Ramasamy Nagar 1st Street is Residential Class III Type - I.

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

The Sub Registrar Office for Ramasamy Nagar 1st Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 16,60,000, the stamp duty would be Rs 1,16,200 and the registration fee would be Rs 33,200.