Guideline Value for RANGANATHPURAM/ NEHRU STREET

Ranganathpuram/ Nehru Street guideline value

The current guideline value of Ranganathpuram/ Nehru Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Ranganathpuram/ Nehru Street has changed

The guideline value has seen several revisions over the years. In 2007, the value was Rs 900 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking a rise of 122%. However, it then decreased to Rs 1,340 per sq.ft in 2017, representing a drop of 33%. Following this, the value surged to Rs 2,000 per sq.ft in 2023, a notable increase of 49%, and finally reached Rs 2,200 per sq.ft in 2024, reflecting a 10% rise.

It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 144%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a guideline value for 2024, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value across these streets is Rs 2,200 per sq.ft, which is equal to the guideline value of Ranganathpuram/ Nehru Street.

• Ranganathanpuram: Rs 2,200 per sq.ft (2024)
• Rangathanpuram Bajanai Koil Street: Rs 2,200 per sq.ft (2024)
• Rangathanpuram Kulasekara Alwar Street: Rs 2,200 per sq.ft (2024)
• Ravi Street: Rs 1,870 per sq.ft (2024)
• Roja Street (Senthamizh Nagar): Rs 2,750 per sq.ft (2024)
• Royal Garden: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Ranganathpuram/ Nehru Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. 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 precise calculations.

Which Sub Registrar Office covers Ranganathpuram/ Nehru Street?

The Sub Registrar Office that covers Ranganathpuram/ Nehru 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 for more information.

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

The guideline value is a crucial factor when registering property transactions in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the stamp duty is calculated based on the higher value between the guideline value and the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Ranganathpuram/ Nehru Street?

The current guideline value of Ranganathpuram/ Nehru Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, with various increases and decreases in between.

What is the median guideline value in Medavakkam?

The median guideline value in Medavakkam for 2024 is Rs 2,200 per sq.ft, which is the same as the guideline value for Ranganathpuram/ Nehru Street.

What fees are associated with property registration?

The fees associated with property registration include stamp duty, which is 7% of the guideline value, and a registration fee of 2% of the guideline value.

Where can I find the Sub Registrar Office for Ranganathpuram/ Nehru Street?

The Sub Registrar Office for Ranganathpuram/ Nehru Street is located at the Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.