Guideline Value for RAVI COLONY CROSS STREET

Ravi Colony Cross Street guideline value

The current guideline value of Ravi Colony Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village and falls under the Chennai South Joint II SRO, classified as Residential Class II Type - II.

How the guideline value of Ravi Colony Cross Street has changed

Over the years, the guideline value of Ravi Colony Cross Street has seen significant changes. The earliest recorded figure is from 2003, where the guideline value was Rs 466 per sq.ft. This increased to Rs 1,100 per sq.ft in 2007, marking a rise of 136%. The value then jumped to Rs 2,500 per sq.ft in 2012, reflecting a 127% increase. However, it decreased to Rs 1,675 per sq.ft in 2017, a drop of 33%. The guideline value rose again to Rs 2,500 per sq.ft in 2023, and finally reached Rs 2,750 per sq.ft in 2024, which is a 10% increase from the previous year. It is important to note that the register has no figure for this street in 2002.

From 2003 to 2024, the overall increase in the guideline value amounts to 490%. The changes between the revisions highlight the fluctuations in property values over the years, with the most significant increase occurring between 2012 and 2017, and again from 2023 to 2024.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 3,100 per sq.ft, placing Ravi Colony Cross Street's 2024 figure below that median.

• Royala Nagar 1st Avenue: Rs 4,400 per sq.ft (2024)
• Royala Nagar 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Royala Nagar 1st Main Road: Rs 4,400 per sq.ft (2024)
• Royala Nagar 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Royala Nagar 2nd Main Road: Rs 4,400 per sq.ft (2024)
• Royala Nagar 3rd Main Road: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Ravi Colony Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost for these fees to Rs 2,47,500. It's important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Ravi Colony Cross Street?

The Ravi Colony Cross Street is covered by the Chennai South Joint II 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 Ramapuram

The guideline value plays a crucial role during the registration process of property transactions in Ramapuram. It serves as a benchmark for calculating the stamp duty and registration fees that are applicable when buying or selling property. Buyers and sellers must be aware of the guideline value to ensure compliance with the legal requirements during the registration process.

When a property is sold, the sale price or the guideline value, whichever is higher, is used to determine the applicable fees. This ensures that the government receives the appropriate revenue from property transactions, reflecting the current market conditions and property values.

Frequently asked questions

What is the current guideline value of Ravi Colony Cross Street?

The current guideline value of Ravi Colony Cross Street is Rs 2,750 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 466 per sq.ft in 2003 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 490% over the years.

What are the stamp duty and registration fees for property in Ravi Colony Cross Street?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office covers Ravi Colony Cross Street?

The Chennai South Joint II Sub Registrar Office covers Ravi Colony Cross Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the median guideline value for streets in Ramapuram?

The median guideline value for streets in Ramapuram is Rs 3,100 per sq.ft, with Ravi Colony Cross Street's 2024 figure being below this median.