Guideline Value

Corporate

Guideline Value for Ram Nagar Right 1st Street

₹3850/sq.ft.

The guideline value for Ram Nagar Right 1st Street in Madipakkam-1 village (Velacheri SRO, Chennai zone) is Rs 3850 per sq.ft, effective 1 July 2024. It was Rs 3500 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class I Type - I. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Madipakkam-1

Village

Velacheri

SRO

Residential Class I Type - I
History
Period Guideline Value
From 1-7-2024 ₹3850 /sq.ft.
From 1-4-2023 ₹3500 /sq.ft.
From 9-6-2017 To 31-3-2023 N/A
From 1-4-2012 To 8-6-2017 N/A
From 1-8-2007 To 31-3-2012 N/A
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042
044-22553736
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Ram Nagar Right 1st Street

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Ram Nagar Right 1st Street guideline value

The current guideline value for Ram Nagar Right 1st 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 it falls under the Residential Class I Type - I land classification.

How the guideline value of Ram Nagar Right 1st Street has changed

Over the years, the guideline value for Ram Nagar Right 1st Street has seen revisions. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the value at Rs 3,500 per sq.ft, which was an increase from the previous figure. The latest 2024 revision has increased this further to Rs 3,850 per sq.ft, marking a 10% increase from the 2023 figure.

This increase indicates a shift in the valuation of properties in the area, reflecting changes in the guideline value over time. The current value is now positioned above the median value of Rs 2,750 per sq.ft for the 1823 streets in Madipakkam-1 under the Velacheri SRO.

Guideline values in Madipakkam-1

In Madipakkam-1, the guideline values for properties range from Rs 1,650 to Rs 5,500 per sq.ft as of the 2024 revision. Ram Nagar Right 1st Street's current guideline value of Rs 3,850 per sq.ft is above the median value for the village.

Stamp duty and registration fee for property in Ram Nagar Right 1st 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 for these fees to Rs 3,46,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ram Nagar Right 1st Street?

The Sub Registrar Office that covers Ram Nagar Right 1st 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 a critical factor in the registration of property transactions in Madipakkam-1. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives appropriate revenue from property sales.

When buying or selling property, the guideline value helps determine the official valuation of the property, which can impact the overall transaction process. It is essential for buyers and sellers to be aware of the current guideline values to avoid any discrepancies at the time of registration.

Frequently asked questions

What is the current guideline value for Ram Nagar Right 1st Street?

The current guideline value for Ram Nagar Right 1st 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 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, marking a 10% increase. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017.

What are the guideline values for other streets in Madipakkam-1?

The guideline values for other streets in Madipakkam-1 vary, with figures ranging from Rs 1,650 to Rs 5,500 per sq.ft. Ram Nagar Right 1st Street's value is above the median of Rs 2,750 per sq.ft.

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

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500, and the registration fee would be Rs 77,000, totaling Rs 3,46,500. Duty is charged on the higher of the guideline value or the sale price.

Which office handles property registrations for Ram Nagar Right 1st Street?

The Velacheri Sub Registrar Office handles property registrations for Ram Nagar Right 1st Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.