Guideline Value for Ram Nagar South Extension

Ram Nagar South Extension guideline value

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

How the guideline value of Ram Nagar South Extension has changed

According to the guideline value register, there are no figures available for the years 2002, 2003, 2007, 2012, and 2017 for Ram Nagar South Extension. The most recent revisions show that the guideline value was Rs 2,500 per sq.ft in 2023, which increased to Rs 2,750 per sq.ft in 2024, marking a change of +10%.

The 2024 revision of Rs 2,750 per sq.ft is the most current figure, reflecting the area's alignment with the median guideline value for Madipakkam-1, which also stands at Rs 2,750 per sq.ft. The previous revision in 2023 was Rs 2,500 per sq.ft.

Guideline values in Madipakkam-1

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

• Ram Nagar South 9th Street: Rs 2,750 per sq.ft (2024)
• Ram Nagar South Extension 8th Main Road: Rs 2,750 per sq.ft (2024)
• Ram Nagar South 9th Main Road: Rs 2,750 per sq.ft (2024)
• Ram Nagar South 8th Street: Rs 2,750 per sq.ft (2024)
• Ram Nagar South/Madipakkam Main Road(Velacheri Madipakkam Link Road): Rs 5,500 per sq.ft (2024)
• Ram Nagar South 8th Main Road: Rs 2,750 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, making the total cost 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.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ram Nagar South Extension?

The Sub Registrar Office that covers Ram Nagar South Extension 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 crucial factor in the registration process when buying or selling property in Madipakkam-1. It serves as the basis for calculating the stamp duty and registration fees, which are mandatory for property transactions.

When a property is sold, the guideline value helps determine the legal value of the property for registration purposes. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations and to accurately assess the costs involved in the transaction.

Frequently asked questions

What is the current guideline value for Ram Nagar South Extension?

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

How has the guideline value changed over the years?

The guideline value for Ram Nagar South Extension was Rs 2,500 per sq.ft in 2023, which increased to Rs 2,750 per sq.ft in 2024, reflecting a change of +10%.

What is the stamp duty for property in Ram Nagar South Extension?

The stamp duty for property in Ram Nagar South Extension is calculated at 7% of the guideline value or the sale price, whichever is higher.

What is the registration fee for property transactions?

The registration fee for property transactions in Ram Nagar South Extension is 2% of the guideline value or the sale price, whichever is higher.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.