Guideline Value for Ram Nagar North 7th Street

Ram Nagar North 7th Street guideline value

The current guideline value of Ram Nagar North 7th 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 7th Street has changed

The guideline value for Ram Nagar North 7th Street has seen significant changes over the years. In 2017, the value was Rs 2,345 per sq.ft, which increased to Rs 3,500 per sq.ft in 2023, marking a 49% rise. The latest revision in 2024 has set the value at Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street.

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 value for these streets is Rs 2,750 per sq.ft, making the 2024 figure for Ram Nagar North 7th Street above the median.

• Ram Nagar North 8th Main Road: Rs 3,850 per sq.ft (2024)
• Ram Nagar North 8th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar North 6th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar North 9th Street: Rs 3,850 per sq.ft (2024)
• Ram Nagar North Extension: Rs 3,850 per sq.ft (2024)
• Ram Nagar North 6th Main Road: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Ram Nagar North 7th 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 the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Ram Nagar North 7th Street?

The Sub Registrar Office that covers Ram Nagar North 7th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your 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. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers should be aware that the guideline value may differ from the actual sale price of the property.

When a property is bought or sold, the registration office uses the guideline value to calculate the applicable fees. This ensures that the transaction is recorded accurately and that the necessary taxes are collected based on the established rates.

Frequently asked questions

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

The current guideline value of Ram Nagar North 7th Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,345 per sq.ft in 2017 to Rs 3,850 per sq.ft in 2024, marking a total increase of 64% over these years.

What are the stamp duty and registration fees for this property?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft property, the total fees amount to Rs 3,46,500.

Which office handles registrations for Ram Nagar North 7th Street?

The Velacheri Sub Registrar Office handles registrations for Ram Nagar North 7th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Ram Nagar North 7th Street?

Ram Nagar North 7th Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.