Guideline Value for Ram Nagar Extension South 7th Street

Ram Nagar Extension South 7th Street guideline value

The current guideline value of Ram Nagar Extension South 7th Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO, and falls under the Residential Class I Type - III land classification.

How the guideline value of Ram Nagar Extension South 7th Street has changed

The guideline value for Ram Nagar Extension South 7th Street has seen several revisions over the years. The 2017 revision set the value at Rs 1,675 per sq.ft, which increased to Rs 2,500 per sq.ft in the 2023 revision. The latest revision in 2024 raised the guideline value to Rs 2,750 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the increase amounts to 64%.

There are no figures available for the revisions in the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are a total of 1823 streets under the Velacheri SRO with 2024 guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value is Rs 2,750 per sq.ft, which is equal to the current value of Ram Nagar Extension South 7th Street.

• Ram Nagar Extension North Main Road: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension North 9th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extn 1st 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 6th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar Extension North 5th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ram Nagar Extension South 7th Street

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Ram Nagar Extension South 7th Street?

The Sub Registrar Office that covers Ram Nagar Extension South 7th 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 further assistance.

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

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

When a property transaction occurs, the guideline value is assessed to ensure that the correct fees are applied. Buyers and sellers must be aware of this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Ram Nagar Extension South 7th Street?

The current guideline value of Ram Nagar Extension South 7th Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, which is a total increase of 64% over that period.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft, which is the same as the current value for Ram Nagar Extension South 7th Street.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Where is the Sub Registrar Office for this street located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042, and it covers Ram Nagar Extension South 7th Street.