Guideline Value for Ram Nagar Extension 2nd Street

Ram Nagar Extension 2nd Street guideline value

The current guideline value of Ram Nagar Extension 2nd Street is Rs 3,850 per sq.ft. This street is located in Madipakkam-1 village, under the Velacheri SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Ram Nagar Extension 2nd Street has changed

The guideline value for Ram Nagar Extension 2nd Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, which is an increase of 10% from the 2023 revision of Rs 3,500 per sq.ft. The register has no figures for 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. This change reflects the ongoing adjustments in property values in the area.

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 for the village is Rs 2,750 per sq.ft, placing Ram Nagar Extension 2nd Street's 2024 figure above this median.

• Ram Nagar Extension 1st Street: 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: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension 5th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension 6th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ram Nagar Extension 2nd 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 amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000, making the total cost Rs 3,46,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Ram Nagar Extension 2nd Street?

The Sub Registrar Office that covers Ram Nagar Extension 2nd 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 serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property. Buyers and sellers must consider this value to ensure compliance with local regulations.

When registering a property, the guideline value will be referenced to calculate the applicable charges. This ensures that both parties are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Ram Nagar Extension 2nd Street?

The current guideline value of Ram Nagar Extension 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

From the 2023 revision to the 2024 revision, the guideline value increased by 10%, from Rs 3,500 per sq.ft to Rs 3,850 per sq.ft.

What is the land classification for Ram Nagar Extension 2nd Street?

The land classification for Ram Nagar Extension 2nd Street is Residential Class I Type - I.

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 properties in this area?

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