Guideline Value for Ram Nagar Extension 5th Street

Ram Nagar Extension 5th Street guideline value

The current guideline value of Ram Nagar Extension 5th Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village and falls under the Velacheri SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Ram Nagar Extension 5th Street has changed

The guideline value for Ram Nagar Extension 5th Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, reflecting a 10% increase from Rs 3,500 per sq.ft in the 2023 revision. The register has no figure for the years 2002, 2003, 2007, 2012, and 2017.

Prior to the 2023 revision, the last recorded value was Rs 3,500 per sq.ft. The 2024 figure marks a significant increase compared to the previous year, indicating a change in the guideline value for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing the 2024 figure for Ram Nagar Extension 5th Street above this median.

• Ram Nagar Extension 4th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension 6th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension 3rd Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension 7th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension 2nd Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension 8th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ram Nagar Extension 5th 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 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.

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

Which Sub Registrar Office covers Ram Nagar Extension 5th Street?

The Sub Registrar Office that covers Ram Nagar Extension 5th 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 an essential factor in the registration process of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value according to government standards.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both parties are aware of the financial implications of the transaction based on the established guideline value.

Frequently asked questions

What is the current guideline value of Ram Nagar Extension 5th Street?

The current guideline value of Ram Nagar Extension 5th 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, marking a 10% increase.

What is the range of guideline values in Madipakkam-1?

The guideline values in Madipakkam-1 range from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft.

What are the stamp duty rates for property in this area?

The stamp duty rate for property transactions in this area is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office located?

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