Guideline Value for RAMASAMY NAGAR EXTENSION

Ramasamy Nagar Extension guideline value

The current guideline value of Ramasamy Nagar Extension is Rs 2,100 per sq.ft, effective from 1 July 2024. This area is located in Korattur village and falls under the Villivakkam SRO, classified as Residential Class III Type - I.

How the guideline value of Ramasamy Nagar Extension has changed

The guideline value for Ramasamy Nagar Extension has undergone several revisions over the years. Starting from the 2012 revision, the value was set at Rs 2,000 per sq.ft. This figure decreased to Rs 1,340 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value saw a significant increase of 49%, reaching Rs 2,000 per sq.ft. The most recent revision in 2024 has raised the value to Rs 2,100 per sq.ft, reflecting a 5% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 5%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, placing Ramasamy Nagar Extension's 2024 figure below this median.

• Ramasamy Nagar: Rs 2,100 per sq.ft (2024)
• Ranganathan Nagar: Rs 1,600 per sq.ft (2024)
• Rajiv Nagar (Near Balaji Nagar): Rs 2,100 per sq.ft (2024)
• RAJIV NAGAR (KORATTUR) 2nd STREET: Rs 2,100 per sq.ft (2024)
• RAJIV NAGAR (KORATTUR) 1sT STREET: Rs 2,100 per sq.ft (2024)
• Rathinam Nagar: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Ramasamy Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 2,100 per sq.ft, the total guideline value amounts to Rs 21,00,000. The stamp duty at 7% would be Rs 1,47,000, and the registration fee at 2% would be Rs 42,000, bringing the total fees together to Rs 1,89,000. 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 Extension?

The Sub Registrar Office that covers Ramasamy Nagar Extension is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Korattur. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the guideline value is compared with the sale price, and the higher value is used to determine the applicable fees. 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 Ramasamy Nagar Extension?

The current guideline value of Ramasamy Nagar Extension is Rs 2,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,100 per sq.ft in 2024.

What is the land classification for Ramasamy Nagar Extension?

Ramasamy Nagar Extension is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for a property in Ramasamy Nagar Extension?

For a property valued at Rs 21,00,000, the stamp duty would be Rs 1,47,000 and the registration fee would be Rs 42,000, totaling Rs 1,89,000.

Which Sub Registrar Office covers the area of Ramasamy Nagar Extension?

The Villivakkam Sub Registrar Office covers Ramasamy Nagar Extension, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.