Guideline Value for RAMASAMY NAGAR

Ramasamy Nagar guideline value

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

How the guideline value of Ramasamy Nagar has changed

The guideline value for Ramasamy Nagar has seen significant changes over the years. In 2002, the value was Rs 126 per sq.ft, which increased to Rs 250 per sq.ft in 2007, marking a rise of 98%. The value then surged to Rs 2,000 per sq.ft in 2012, reflecting a remarkable increase of 700%. However, from 2012 to 2017, the value decreased to Rs 1,340 per sq.ft, which was a decline of 33%. The most recent revision in 2024 set the guideline value at Rs 2,100 per sq.ft, an increase of 57% from the 2017 figure.

Overall, from 2002 to 2024, the guideline value has increased by 1567%. It is important to note that the register does not have figures for the years 2003 and 2023 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. The guideline value for Ramasamy Nagar is below this median.

• Ramasamy Nagar Extension: 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

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

The Sub Registrar Office that covers Ramasamy Nagar 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 information.

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 determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value helps ensure that the transaction is registered at a fair value, reflecting the official rates set by the government. This value is particularly important for calculating the applicable duties and fees, ensuring compliance with legal requirements.

Frequently asked questions

What is the current guideline value of Ramasamy Nagar?

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

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 126 per sq.ft in 2002 to Rs 2,100 per sq.ft in 2024, reflecting an overall increase of 1567% over this period.

What is the land classification of Ramasamy Nagar?

Ramasamy Nagar is classified as Residential Class III Type - I, indicating its designation for residential use within the area.

Where can I find the Sub Registrar Office for Ramasamy Nagar?

The Sub Registrar Office for Ramasamy Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How do I calculate stamp duty and registration fees for property in Ramasamy Nagar?

Stamp duty and registration fees are calculated based on the guideline value. For example, for a property valued at 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, totaling Rs 1,89,000.