Guideline Value for RAMASAMY NAICKEN STREET

Ramasamy Naicken Street guideline value

The current guideline value of Ramasamy Naicken Street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class IV Type - III.

How the guideline value of Ramasamy Naicken Street has changed

The guideline value for Ramasamy Naicken Street has seen several revisions over the years. In 2002, the value was Rs 1,135 per sq.ft, which increased to Rs 1,261 per sq.ft in 2003. The next recorded revision was in 2012, where the value was Rs 6,500 per sq.ft, but this represented a decrease from Rs 4,355 per sq.ft in 2017. The value then rose significantly to Rs 6,500 per sq.ft in 2023, before reaching the current value of Rs 7,100 per sq.ft in 2024.

From 2017 to 2023, the value increased by 49%, while the jump from 2023 to 2024 was 9%. The overall increase from the 2002 revision to the current 2024 figure is 526%. It is important to note that there is no recorded figure for Ramasamy Naicken Street in the 2007 revision.

Guideline values in Mylapore

In Mylapore, there are a total of 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, placing Ramasamy Naicken Street's 2024 figure below that median.

• Rama Thottam: Rs 8,200 per sq.ft (2024)
• Rama Rao Garden Salai: Rs 9,900 per sq.ft (2024)
• Rama Rao Garden 3rd Street: Rs 9,900 per sq.ft (2024)
• Rama Rao Garden 2nd Street (Balaji Nagar): Rs 9,900 per sq.ft (2024)
• Rama Rao Garden 2nd Street: Rs 9,900 per sq.ft (2024)
• Rama Rao Garden 1st Street (Balaji Nagar): Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in Ramasamy Naicken Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total to Rs 6,39,000. It is essential 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 further calculations.

Which Sub Registrar Office covers Ramasamy Naicken Street?

The Sub Registrar Office that covers Ramasamy Naicken Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Mylapore. It is used to determine the stamp duty and registration fees that must be paid at the time of property registration. Buyers and sellers should be aware that the guideline value may differ from the actual sale price of the property.

When a property is sold, the registration office uses the guideline value to calculate the applicable duties and fees. This ensures that the government receives the correct revenue from property transactions based on established values rather than fluctuating market prices.

Frequently asked questions

What is the current guideline value of Ramasamy Naicken Street?

The current guideline value of Ramasamy Naicken Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,135 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, marking an overall increase of 526% over the years.

What is the median guideline value in Mylapore?

The median guideline value in Mylapore is Rs 8,800 per sq.ft, making Ramasamy Naicken Street's 2024 figure below this median.

What are the stamp duty and registration fees for properties in Ramasamy Naicken Street?

For a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000 and the registration fee would be Rs 1,42,000, totaling Rs 6,39,000.

Which office handles property registrations for Ramasamy Naicken Street?

The Mylapore Sub Registrar Office handles property registrations for Ramasamy Naicken Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.