Guideline Value for Ragavendra Nagar 1st Lane

Ragavendra Nagar 1st Lane guideline value

The current guideline value of Ragavendra Nagar 1st Lane is Rs 3,100 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Ragavendra Nagar 1st Lane has changed

Over the years, the guideline value of Ragavendra Nagar 1st Lane has seen several revisions. The 2012 revision set the value at Rs 2,800 per sq.ft, which then dropped to Rs 1,876 per sq.ft in the 2017 revision. Following this, the value increased to Rs 2,800 per sq.ft in the 2023 revision and finally rose to Rs 3,100 per sq.ft in the 2024 revision. There are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, the value decreased by 33%. However, from 2017 to 2023, it increased by 49%. The value then saw an increase of 11% from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 11%.

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 value for these streets is Rs 3,100 per sq.ft, which is equal to the guideline value of Ragavendra Nagar 1st Lane.

• Ragavendra Nagar 1st Street: Rs 3,100 per sq.ft (2024)
• Ragavendra Nagar 2nd Lane: Rs 3,100 per sq.ft (2024)
• Ragavendra Nagar 2nd Street: Rs 3,100 per sq.ft (2024)
• Ragavendra Nagar 3rd Street: Rs 3,100 per sq.ft (2024)
• Ragavendra Nagar Main Road: Rs 3,100 per sq.ft (2024)
• Raghavendra Nagar: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Ragavendra Nagar 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,100 per sq.ft, the total guideline value amounts to Rs 31,00,000. The stamp duty, calculated at 7%, would be Rs 2,17,000, while the registration fee at 2% would be Rs 62,000. Together, the total cost for these fees would be Rs 2,79,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Ragavendra Nagar 1st Lane?

The Sub Registrar Office that covers Ragavendra Nagar 1st Lane is 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 is a crucial factor in property transactions in Ramapuram. It serves as the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps determine the applicable fees. Buyers should be aware that the stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price, which can affect the total cost of the transaction.

Frequently asked questions

What is the current guideline value of Ragavendra Nagar 1st Lane?

The current guideline value of Ragavendra Nagar 1st Lane is Rs 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2012 to Rs 1,876 per sq.ft in 2017, then to Rs 2,800 per sq.ft in 2023, and finally to Rs 3,100 per sq.ft in 2024.

What is the land classification for Ragavendra Nagar 1st Lane?

The land classification for Ragavendra Nagar 1st Lane is Residential Class II Type - I.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 31,00,000, the stamp duty would be Rs 2,17,000, and the registration fee would be Rs 62,000, totaling Rs 2,79,000.

Which Sub Registrar Office covers this area?

The Chennai South Joint II Sub Registrar Office covers Ragavendra Nagar 1st Lane, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.