Guideline Value for Ram Nagar 7th Street

Ram Nagar 7th Street guideline value

The current guideline value of Ram Nagar 7th Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village and falls under the Alandur SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Ram Nagar 7th Street has changed

The guideline value for Ram Nagar 7th Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 526 per sq.ft. It increased to Rs 700 per sq.ft in 2003, followed by a rise to Rs 900 per sq.ft in 2007. The value then saw a significant jump to Rs 3,000 per sq.ft in 2012, but dropped to Rs 2,010 per sq.ft in 2017. The value increased again to Rs 3,000 per sq.ft in 2023, and finally reached Rs 3,300 per sq.ft in the 2024 revision.

The changes between the revisions show a +33% increase from 2002 to 2003, a +29% increase from 2003 to 2007, a +233% increase from 2007 to 2012, a -33% decrease from 2012 to 2017, a +49% increase from 2017 to 2023, and a +10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +527%.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO with a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value is Rs 3,900 per sq.ft, placing Ram Nagar 7th Street's 2024 figure below that median.

• Ram Nagar 6th Street: Rs 3,300 per sq.ft (2024)
• Ram Nagar 8th Street: Rs 3,300 per sq.ft (2024)
• Ram Nagar 9th Street: Rs 3,300 per sq.ft (2024)
• Ram Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Ram Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Ram Nagar 4th Main Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Ram Nagar 7th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total charges to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ram Nagar 7th Street?

The Sub Registrar Office that covers Ram Nagar 7th Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Adambakkam. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives appropriate revenue from property sales.

When buying or selling property, it is essential to be aware of the guideline value, as it can impact the overall costs involved in the transaction. Buyers should ensure that they are informed about the current guideline value to avoid any surprises during the registration process.

Frequently asked questions

What is the current guideline value of Ram Nagar 7th Street?

The current guideline value of Ram Nagar 7th Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 526 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for Ram Nagar 7th Street?

Ram Nagar 7th Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur a total charge of Rs 2,97,000.

Which office handles the registration for Ram Nagar 7th Street?

The Alandur Sub Registrar Office handles the registration for Ram Nagar 7th Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.