Guideline Value for Ram Nagar 7th Street

Ram Nagar 7th Street guideline value

The current guideline value of Ram Nagar 7th Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, and it falls under the Residential Class I Type - I land classification.

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

The guideline value for Ram Nagar 7th Street has seen a revision from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, marking a 10% increase. The register has no figure for this street for the years 2017, 2012, 2007, 2003, and 2002.

In the 2024 revision, the guideline value was set at Rs 3,850 per sq.ft, while the previous revision in 2023 was Rs 3,500 per sq.ft. The changes indicate a significant increase in the guideline value over the last year.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing Ram Nagar 7th Street's 2024 figure above this median.

• Ram Nagar 7th Street Extn: Rs 3,850 per sq.ft (2024)
• Ram Nagar 7th Main Road: Rs 3,850 per sq.ft (2024)
• Ram Nagar 7th Cross Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar 8th Cross Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar 6th Street Extn: Rs 3,850 per sq.ft (2024)
• Ram Nagar 8th Main Road: Rs 3,850 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 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total charges to Rs 3,46,500. 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 7th Street?

The Sub Registrar Office covering Ram Nagar 7th 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 Madipakkam-1

The guideline value is a crucial factor in property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that need to be paid during the registration of property transactions.

When buying or selling property, the guideline value helps ensure that the transaction is recorded at a value that reflects the local market standards, which is essential for legal and taxation purposes.

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 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, which is a 10% increase.

What are the other streets with the same guideline value in Madipakkam-1?

Other streets in Madipakkam-1 with the same guideline value of Rs 3,850 per sq.ft include Ram Nagar 7th Street Extn, Ram Nagar 7th Main Road, Ram Nagar 7th Cross Street, Ram Nagar 8th Cross Street, Ram Nagar 6th Street Extn, and Ram Nagar 8th Main Road.

What is the registration fee for properties in this area?

The registration fee for properties in Ram Nagar 7th Street is calculated at 2% of the guideline value, along with a stamp duty of 7% on the higher of the guideline value or sale price.

Where can I find the Sub Registrar Office for Ram Nagar 7th Street?

The Sub Registrar Office for Ram Nagar 7th Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.