Guideline Value for RAMU STREET

Ramu Street guideline value

The current guideline value of Ramu Street in Jelandianpettai village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

How the guideline value of Ramu Street has changed

The guideline value for Ramu Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft. This was followed by a decrease to Rs 1,005 per sq.ft in the 2017 revision, which represented a decline of 33%. However, the value saw a significant increase to Rs 1,500 per sq.ft in the 2023 revision, marking a rise of 49%. The most recent revision in 2024 has further increased the guideline value to Rs 1,650 per sq.ft, reflecting a 10% increase from the previous year.

There are also revisions for the years 2002, 2003, and 2007, but the register has no figure for this street in those years. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Jelandianpettai

In Jelandianpettai, there are 248 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Ramu Street's 2024 figure below that median.

• R.G. Nagar: Rs 2,750 per sq.ft (2024)
• R.G. Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• R.G. Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• R.G. Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• R.G. Nagar 3rd Street Main Road: Rs 2,200 per sq.ft (2024)
• R.G. Nagar Anna Salai: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Ramu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total cost to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramu Street?

The Sub Registrar Office that covers Ramu Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO here.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Jelandianpettai. 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 is used to ensure that the transaction is recorded at a fair value, which helps in maintaining transparency and accountability in property dealings.

Frequently asked questions

What is the current guideline value of Ramu Street?

The current guideline value of Ramu Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

Which Sub Registrar Office is responsible for Ramu Street?

The Chennai South Joint I Sub Registrar Office is responsible for Ramu Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the stamp duty for property in Ramu Street?

The stamp duty for property in Ramu Street is calculated at 7% of the guideline value or the sale price, whichever is higher. For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500.

How does the guideline value affect property transactions?

The guideline value affects property transactions by determining the stamp duty and registration fees payable during the sale or purchase of property. It ensures that transactions are recorded at a fair value, promoting transparency in the property market.