Guideline Value for Ram Nagar Extension 1st Street

Ram Nagar Extension 1st Street guideline value

The current guideline value of Ram Nagar Extension 1st Street is Rs 3,850 per sq.ft. This street is located in Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class I Type - I.

How the guideline value of Ram Nagar Extension 1st Street has changed

The guideline value for Ram Nagar Extension 1st Street has undergone revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision recorded a value of Rs 3,500 per sq.ft, which was then increased to Rs 3,850 per sq.ft in the 2024 revision, marking a change of +10%.

In the 2024 revision, the current guideline value stands at Rs 3,850 per sq.ft. This reflects an increase from the previous year's rate of Rs 3,500 per sq.ft, indicating a significant adjustment in the valuation for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing Ram Nagar Extension 1st Street above this median at Rs 3,850 per sq.ft.

• Ram Nagar Extension 2nd Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension 3rd Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension 4th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension 5th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar 9th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ram Nagar Extension 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value is Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total costs together to Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Ram Nagar Extension 1st Street?

The Sub Registrar Office that covers Ram Nagar Extension 1st 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 benchmark for determining the stamp duty and registration fees applicable to the transaction.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable charges. This ensures that the registration process is transparent and standardized across the region.

Frequently asked questions

What is the current guideline value of Ram Nagar Extension 1st Street?

The current guideline value of Ram Nagar Extension 1st 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 change of +10%.

What are the registration fees for properties in this area?

The registration fees are calculated based on the guideline value or sale price, whichever is higher. For a property valued at Rs 38,50,000, the registration fee would be Rs 77,000 at 2%.

Which office handles the registration for Ram Nagar Extension 1st Street?

The Velacheri Sub Registrar Office handles the registration for Ram Nagar Extension 1st Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the median guideline value for streets in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft, with Ram Nagar Extension 1st Street's value of Rs 3,850 per sq.ft being above this median.