Guideline Value for Ram Nagar 2nd Cross Street

Ram Nagar 2nd Cross Street guideline value

The current guideline value of Ram Nagar 2nd Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Ram Nagar 2nd Cross Street has changed

The guideline value for Ram Nagar 2nd Cross Street has undergone several revisions over the years. In 2007, the guideline value was Rs 1,800 per sq.ft, which increased significantly to Rs 4,000 per sq.ft in 2012. However, it then decreased to Rs 2,680 per sq.ft in 2017. The most recent revision in 2024 saw the value rise to Rs 4,400 per sq.ft, marking a 64% increase from the 2017 figure.

Overall, from 2007 to 2024, the guideline value has increased by 144%. It is important to note that the register has no figures for the years 2002, 2003, and 2023 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is equal to the 2024 figure for Ram Nagar 2nd Cross Street.

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

Stamp duty and registration fee for property in Ram Nagar 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Ram Nagar 2nd Cross Street?

Ram Nagar 2nd Cross Street is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process of property transactions in Velachery. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. This value is used to calculate the applicable stamp duty and registration fees, which are essential components of the transaction process.

Frequently asked questions

What is the current guideline value of Ram Nagar 2nd Cross Street?

The current guideline value of Ram Nagar 2nd Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 144% from 2007 to 2024.

What is the land classification for Ram Nagar 2nd Cross Street?

Ram Nagar 2nd Cross Street is classified as Residential Class II Type - II.

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

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles registrations for Ram Nagar 2nd Cross Street?

The Velacheri Sub Registrar Office handles registrations for Ram Nagar 2nd Cross Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.