Guideline Value for Ram Nagar 8th Street

Ram Nagar 8th Street guideline value

The current guideline value of Ram Nagar 8th Street 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 8th Street has changed

The guideline value for Ram Nagar 8th Street has undergone several revisions over the years. The earliest recorded revision is from 2017, where the guideline value was Rs 2,680 per sq.ft. The most recent revision in 2024 saw a significant increase to Rs 4,400 per sq.ft, marking a change of +64% from the previous figure.

There are no recorded figures for the years 2023, 2012, 2007, 2003, and 2002 for this street in the register. Therefore, the only figures available for consideration are from 2017 and 2024.

Guideline values in Velachery

In Velachery, there are a total of 2,691 streets under the Velacheri SRO that carry a 2024 guideline value. The values range from Rs 3,300 to Rs 13,200 per sq.ft, with the median being Rs 4,400 per sq.ft. The guideline value of Ram Nagar 8th Street aligns with this median.

• Ram Nagar 9th Main Road: Rs 4,400 per sq.ft (2024)
• Ram Nagar 8th Main Road Avenue: Rs 4,400 per sq.ft (2024)
• Ram Nagar 8th Main Road: Rs 4,400 per sq.ft (2024)
• Ram Nagar 9th Street: Rs 4,400 per sq.ft (2024)
• Ram Nagar 7th Street Extn: Rs 4,400 per sq.ft (2024)
• Ram Nagar 7th Street: Rs 4,400 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 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, bringing the total to 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.

You can use the stamp duty and registration fee calculator for further assistance.

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 Velachery

The guideline value plays a crucial role in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is transparent and adheres to the legal requirements set forth by the government.

Frequently asked questions

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

The current guideline value of Ram Nagar 8th Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 2,680 per sq.ft to Rs 4,400 per sq.ft in 2024, representing a change of +64%.

Are there any revisions without figures for Ram Nagar 8th Street?

Yes, the register has no figures for the years 2023, 2012, 2007, 2003, and 2002 for Ram Nagar 8th Street.

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

Ram Nagar 8th Street is classified as Residential Class II Type - II.

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.