Guideline Value for Ram Nagar 8th Street

Ram Nagar 8th Street guideline value

The current guideline value of Ram Nagar 8th Street in Madipakkam-1 village, under the Velacheri SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Ram Nagar 8th Street has changed

The guideline value for Ram Nagar 8th Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, an increase of 10% from the 2023 revision, which was Rs 3,500 per sq.ft. Prior to these revisions, the register has no figure for this street in the years 2017, 2012, 2007, 2003, and 2002.

In summary, the guideline value has increased from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024. The absence of figures for earlier revisions indicates that there were no recorded guideline values for Ram Nagar 8th Street in the specified years.

Guideline values in Madipakkam-1

In Madipakkam-1, there are a total of 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value is Rs 2,750 per sq.ft, positioning Ram Nagar 8th Street's 2024 figure above this median.

• Ram Nagar 9th Main Road: Rs 3,850 per sq.ft (2024)
• Ram Nagar 8th Main Road: Rs 3,850 per sq.ft (2024)
• Ram Nagar 8th Cross Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar 9th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar 7th Street Extn: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ram Nagar 8th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to 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 cost together to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ram Nagar 8th Street?

The Sub Registrar Office that covers Ram Nagar 8th 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 during the registration process of property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is sold, the buyer must ensure that the sale price is at least equal to the guideline value, as the duty is calculated based on the higher of the two. This ensures that the appropriate fees are collected by the Registration Department.

Frequently asked questions

What is the current guideline value for Ram Nagar 8th Street?

The current guideline value for Ram Nagar 8th Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed recently?

Recently, the guideline value increased from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, marking a 10% increase.

What is the land classification for Ram Nagar 8th Street?

Ram Nagar 8th Street is classified under Residential Class I Type - I land classification.

Where can I find the Velacheri Sub Registrar Office?

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

How is the stamp duty calculated for property transactions?

The stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 at 7%.