Guideline Value for RAMASAMY STREET

Ramasamy Street guideline value

The current guideline value of Ramasamy Street in Vadaagaram village, under the Kodambakkam SRO, is Rs 6,000 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Ramasamy Street has changed

The guideline value for Ramasamy Street has undergone several revisions over the years. In 2002, the value was Rs 573 per sq.ft, which increased to Rs 634 per sq.ft in 2003. The value saw a significant rise to Rs 1,200 per sq.ft in 2007, followed by a further increase to Rs 5,500 per sq.ft in 2012. However, it dropped to Rs 3,685 per sq.ft in 2017. The value then rose again to Rs 5,500 per sq.ft in 2023, before reaching the current rate of Rs 6,000 per sq.ft in 2024.

Between these revisions, notable changes occurred. The increase from 2017 to 2023 was +49%, while from 2023 to 2024, it increased by +9%. The most significant change was from 2007 to 2012, which saw an increase of +358%. Overall, from 2002 to 2024, the guideline value has increased by +947%.

Guideline values in Vadaagaram

In Vadaagaram, there are 78 streets under the Kodambakkam SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median guideline value for these streets is Rs 6,600 per sq.ft, placing Ramasamy Street's current value below this median.

• Rangarajan Street: Rs 6,000 per sq.ft (2024)
• Rajaram Metha Nagar - Vanilarasu Street: Rs 6,600 per sq.ft (2024)
• Rajaram Metha Nagar - Singarayan Street: Rs 6,600 per sq.ft (2024)
• Rajaram Metha Nagar - Sathasivam Street: Rs 6,600 per sq.ft (2024)
• Rajaram Metha Nagar - Sarangapani Street: Rs 6,600 per sq.ft (2024)
• Rajaram Metha Nagar - Rajeswari Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Ramasamy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value would be Rs 60,00,000. The stamp duty at 7% would amount to Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000. Together, the total cost would be Rs 5,40,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramasamy Street?

The Sub Registrar Office that covers Ramasamy Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Vadaagaram. It helps determine the stamp duty and registration fees applicable to the transaction, ensuring that both parties are aware of the financial obligations involved.

When a property is registered, the guideline value is considered alongside the sale price. The higher of the two values is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Ramasamy Street?

The current guideline value of Ramasamy Street is Rs 6,000 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 573 per sq.ft in 2002 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of +947% over this period.

What is the land classification for Ramasamy Street?

Ramasamy Street is classified as Residential Class I Type - I, which is important for determining the applicable guidelines and regulations for property transactions in the area.

What are the stamp duty rates applicable in Vadaagaram?

The stamp duty rate is 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the same value.

Where is the Kodambakkam Sub Registrar Office located?

The Kodambakkam Sub Registrar Office is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. This office handles the registration of properties in the area.