Guideline Value for Ram Nagar 2nd Street

Ram Nagar 2nd Street guideline value

The current guideline value of Ram Nagar 2nd 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 Street has changed

The guideline value for Ram Nagar 2nd Street has seen several revisions over the years. The earliest recorded figure is from 2002, where the value was Rs 574 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2007, marking a change of +336%. Following this, the value rose to Rs 4,000 per sq.ft in 2012, which is a +60% increase from the previous revision. The most recent revision in 2024 has set the guideline value at Rs 4,400 per sq.ft, reflecting a +10% increase from 2012.

It is important to note that there are no recorded figures for the years 2003, 2017, and 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by +667%.

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 current figure for Ram Nagar 2nd Street.

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

Stamp duty and registration fee for property in Ram Nagar 2nd 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, totaling Rs 3,96,000. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ram Nagar 2nd Street?

The Sub Registrar Office that covers Ram Nagar 2nd Street is 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 information.

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

The guideline value is an essential benchmark used during the registration of property transactions in Velachery. It determines the minimum value at which a property can be registered and is used to calculate the applicable stamp duty and registration fees.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair price, preventing undervaluation. Buyers and sellers should be aware of the guideline value to understand their financial obligations during the registration process.

Frequently asked questions

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

The current guideline value for Ram Nagar 2nd 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 increased from Rs 574 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of +667%.

What are the stamp duty and registration fees for property in Ram Nagar 2nd Street?

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 Sub Registrar Office covers this area?

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

Are there other streets with the same guideline value in Velachery?

Yes, several other streets in Velachery have the same guideline value of Rs 4,400 per sq.ft, including Ram Nagar 2nd Main Road, Ram Nagar 3rd Extn, and others.