Guideline Value for Ram Nagar Extension North 6th Street

Ram Nagar Extension North 6th Street guideline value

The current guideline value of Ram Nagar Extension North 6th Street is Rs 3,850 per sq.ft, effective from 1 July 2024. 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 North 6th Street has changed

In the 2017 revision, the guideline value for Ram Nagar Extension North 6th Street was Rs 2,345 per sq.ft. This value increased to Rs 3,850 per sq.ft in the 2024 revision, marking a significant change of +64% over the seven-year period. The register has no figures for the years 2023, 2012, 2007, 2003, and 2002 for this street.

Comparing the revisions, the most notable increase occurred from 2017 to 2024, where the guideline value rose from Rs 2,345 to Rs 3,850 per sq.ft. This change reflects the current market conditions and land classification for the area.

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 guideline value in this village is Rs 2,750 per sq.ft, placing Ram Nagar Extension North 6th Street's 2024 figure above that median.

• Ram Nagar Extension North 5th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension North 7th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension North 4th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension North 9th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension North 3rd Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension North Main Road: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ram Nagar Extension North 6th 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, while 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.

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

Which Sub Registrar Office covers Ram Nagar Extension North 6th Street?

The Sub Registrar Office that covers Ram Nagar Extension North 6th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your specific SRO, you can visit find your SRO.

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, as it determines the minimum value at which a property can be registered. Buyers must pay stamp duty and registration fees based on this guideline value, ensuring that the transaction is accurately documented and taxed.

When selling a property, the guideline value helps establish a baseline for negotiations and can influence the final sale price. It is essential for both buyers and sellers to understand the guideline value to navigate the registration process effectively.

Frequently asked questions

What is the current guideline value of Ram Nagar Extension North 6th Street?

The current guideline value of Ram Nagar Extension North 6th Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased from Rs 2,345 per sq.ft to Rs 3,850 per sq.ft in 2024, representing a change of +64%.

What is the land classification for this street?

Ram Nagar Extension North 6th Street is classified as Residential Class I Type - I, which indicates its intended use for residential purposes.

Where can I find the registration office for this area?

The registration office for Ram Nagar Extension North 6th Street is the Velacheri Sub Registrar Office, 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 at 7% of the guideline value or the sale price, whichever is higher. For example, on a 1,000 sq.ft plot valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500.