Guideline Value for RAMESHWARAM ROAD

Rameshwaram Road guideline value

The current guideline value of Rameshwaram Road is Rs 17,600 per sq.ft, effective from 1 July 2024. This street is located in Tnagar village, under the Thiyagaraya nagar SRO, and is classified as Commercial Special Type - III.

How the guideline value of Rameshwaram Road has changed

Starting from the earliest available revision, the guideline value for Rameshwaram Road was Rs 2,321 per sq.ft in 2002. This increased to Rs 3,200 per sq.ft in 2003, marking a 38% rise. By 2007, the value jumped significantly to Rs 4,000 per sq.ft, reflecting a 25% increase. The value then saw a substantial increase to Rs 16,000 per sq.ft in 2012, which was a 300% rise. However, it decreased to Rs 10,720 per sq.ft in 2017, a reduction of 33%. The value rose again to Rs 16,000 per sq.ft in 2023, followed by a further increase to the current value of Rs 17,600 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 658%. The register has no figures for the years not mentioned in the revisions.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO, with 2024 guideline values ranging from Rs 4,400 to Rs 27,500 per sq.ft. The median value among these streets is Rs 11,000 per sq.ft, making the guideline value of Rameshwaram Road above this median.

• Ramasamy Street: Rs 14,300 per sq.ft (2024)
• Rama Rao Street: Rs 13,200 per sq.ft (2024)
• Ramanujan Street: Rs 13,200 per sq.ft (2024)
• Raman Street: Rs 14,300 per sq.ft (2024)
• Ramanathan Street: Rs 13,200 per sq.ft (2024)
• Ramakrishna Street (Other Than D.No.1 Kences Towers Residencial Complex): Rs 27,500 per sq.ft (2024)

Stamp duty and registration fee for property in Rameshwaram Road

For a 1,000 sq.ft plot at the current guideline value of Rs 17,600 per sq.ft, the total guideline value would be Rs 1,76,00,000. The stamp duty at 7% would amount to Rs 12,32,000, and the registration fee at 2% would be Rs 3,52,000, bringing the total fees to Rs 15,84,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Rameshwaram Road?

The Sub Registrar Office that covers Rameshwaram Road is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. To find your SRO, you can visit find your SRO.

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

The guideline value serves as a benchmark for property transactions in Tnagar. When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on an official valuation.

During the registration process, the buyer must pay the applicable stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate tax revenue from property transactions.

Frequently asked questions

What is the current guideline value of Rameshwaram Road?

The current guideline value of Rameshwaram Road is Rs 17,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 2,321 per sq.ft in 2002 to Rs 17,600 per sq.ft in 2024, reflecting an overall increase of 658% over this period.

What is the land classification for Rameshwaram Road?

Rameshwaram Road is classified as Commercial Special Type - III under the current guidelines.

What are the stamp duty and registration fees for properties in Rameshwaram Road?

For a 1,000 sq.ft plot, the total guideline value is Rs 1,76,00,000, with stamp duty at 7% amounting to Rs 12,32,000 and a registration fee at 2% of Rs 3,52,000, totaling Rs 15,84,000.

Where is the Sub Registrar Office for Rameshwaram Road located?

The Thiyagaraya nagar Sub Registrar Office is located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.