Guideline Value for Ram Nagar 9th Street

Ram Nagar 9th Street guideline value

The current guideline value of Ram Nagar 9th Street is Rs 3,850 per sq.ft. 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 9th Street has changed

The guideline value for Ram Nagar 9th Street has undergone several revisions over the years. The register has no figure for this street in 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 3,500 per sq.ft, which increased to Rs 3,850 per sq.ft in the 2024 revision, reflecting a change of +10%.

With the 2024 revision, the current guideline value stands at Rs 3,850 per sq.ft. This marks a significant increase from the previous year’s figure of Rs 3,500 per sq.ft, indicating a notable adjustment in the valuation for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value for Ram Nagar 9th Street is above this median.

• Ram Nagar 9th Main Road: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension: Rs 3,850 per sq.ft (2024)
• Ram Nagar 8th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension 1st Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension 2nd Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ram Nagar 9th 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 fees 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 further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ram Nagar 9th Street?

The Sub Registrar Office that covers Ram Nagar 9th 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 details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madipakkam-1. It serves as a reference point for determining the stamp duty and registration fees that need to be paid at the time of property registration.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable stamp duty. This ensures that the fees reflect the value of the property being transferred, safeguarding the interests of both the buyer and the seller.

Frequently asked questions

What is the current guideline value of Ram Nagar 9th Street?

The current guideline value of Ram Nagar 9th Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Ram Nagar 9th Street has seen revisions in 2023 and 2024, with the value changing from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024. The register has no figure for this street in the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Ram Nagar 9th Street?

Ram Nagar 9th Street is classified as Residential Class I Type - I, which indicates its suitability for residential development.

What are the stamp duty and registration fees for a property in Ram Nagar 9th Street?

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. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations for Ram Nagar 9th Street?

The Velacheri Sub Registrar Office handles property registrations for Ram Nagar 9th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.