Guideline Value for Ram Nagar North 5th Street

Ram Nagar North 5th Street guideline value

The current guideline value of Ram Nagar North 5th 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 North 5th Street has changed

The guideline value for Ram Nagar North 5th Street has seen significant changes over the years. In the 2017 revision, the value was Rs 2,345 per sq.ft. This increased to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent 2024 revision set the value at Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value of Ram Nagar North 5th Street is above this median.

• Ram Nagar North 6th Main Road: Rs 3,850 per sq.ft (2024)
• Ram Nagar North 4th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar North 6th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar North 3rd Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar North 7th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar North 3rd Main Road: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ram Nagar North 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 would be Rs 38,50,000. The stamp duty charged at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, resulting in a total of 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 the stamp duty and registration fee calculator for more detailed calculations.

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

The Sub Registrar Office that covers Ram Nagar North 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 plays a crucial role in the registration process when buying or selling property in Madipakkam-1. It is the benchmark used by the authorities to determine the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is considered to ensure that the transaction is recorded accurately and that the appropriate taxes are collected. Buyers and sellers should be aware of the guideline value to understand their financial obligations during the registration process.

Frequently asked questions

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

The current guideline value of Ram Nagar North 5th Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 2,345 per sq.ft to Rs 3,850 per sq.ft in 2024, which is a total increase of 64% over this period.

What is the land classification for Ram Nagar North 5th Street?

Ram Nagar North 5th Street is classified as Residential Class I Type - I.

Where can I find the registration office for this area?

The registration office for Ram Nagar North 5th 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 based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 at 7%.