Guideline Value for Ram Nagar 6th Main Road

Ram Nagar 6th Main Road guideline value

The current guideline value of Ram Nagar 6th Main Road is Rs 3,850 per sq.ft, effective from 1 July 2024. This road is located in Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class I Type - I.

How the guideline value of Ram Nagar 6th Main Road has changed

In the 2017 revision, the guideline value was Rs 2,345 per sq.ft. This increased to Rs 3,500 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 saw the guideline value increase to Rs 3,850 per sq.ft, which is a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing the guideline value of Ram Nagar 6th Main Road above this median.

• Ram Nagar 6th Cross Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar 5th Street, (Ram Nagar 26th Main Road): Rs 3,850 per sq.ft (2024)
• Ram Nagar 6th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar 5th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar 6th Street Extn: Rs 3,850 per sq.ft (2024)
• Ram Nagar 7th Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ram Nagar 6th Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty, charged at 7%, would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ram Nagar 6th Main Road?

The Ram Nagar 6th Main Road 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 information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in property transactions in Madipakkam-1. It determines the minimum value at which properties 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 both parties understand the baseline value of the property. It is essential for buyers to be aware of this value to ensure they are making informed decisions during the transaction process.

Frequently asked questions

What is the current guideline value for Ram Nagar 6th Main Road?

The current guideline value for Ram Nagar 6th Main Road is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, from Rs 2,345 per sq.ft in 2017 to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,850 per sq.ft in 2024.

What is the land classification for Ram Nagar 6th Main Road?

Ram Nagar 6th Main Road is classified as Residential Class I Type - I, indicating its suitability for residential development.

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

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Where can I find the Sub Registrar Office for Ram Nagar 6th Main Road?

The Velacheri Sub Registrar Office covers Ram Nagar 6th Main Road, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.