Guideline Value for Ram Nagar 3rd Extn

Ram Nagar 3rd Extn guideline value

The current guideline value of Ram Nagar 3rd Extn 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 3rd Extn has changed

The guideline value for Ram Nagar 3rd Extn has seen several revisions over the years. The earliest recorded revision was in 2007, where the guideline value was Rs 1,800 per sq.ft. This figure increased significantly to Rs 4,000 per sq.ft in the 2012 revision, marking a change of +122%. The most recent revision in 2024 set the guideline value at Rs 4,400 per sq.ft, reflecting a +10% increase from the 2012 figure.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by +144%. It is important to note that there are no recorded figures for the years 2002, 2003, 2017, 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 the same as the current value for Ram Nagar 3rd Extn.

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

Stamp duty and registration fee for property in Ram Nagar 3rd Extn

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, leading to a total of Rs 3,96,000. 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 Ram Nagar 3rd Extn?

The Sub Registrar Office that covers Ram Nagar 3rd Extn 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 a crucial factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be sold or purchased, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When a buyer or seller engages in a property transaction, the guideline value helps in calculating the applicable fees based on the property’s value. This ensures transparency in the registration process and helps in maintaining a standardized approach across various properties in the region.

Frequently asked questions

What is the current guideline value of Ram Nagar 3rd Extn?

The current guideline value of Ram Nagar 3rd Extn 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 1,800 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, marking an overall increase of +144% over the years.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in Ram Nagar 3rd Extn is 7% of the guideline value or the sale price, whichever is higher.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Ram Nagar 3rd Extn?

Ram Nagar 3rd Extn is classified as Residential Class II Type - II, indicating its designation for residential use.