Guideline Value for Ram Nagar South Phase-I

Ram Nagar South Phase-I guideline value

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

How the guideline value of Ram Nagar South Phase-I has changed

The guideline value for Ram Nagar South Phase-I has seen several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In 2023, the guideline value was Rs 2,500 per sq.ft, which increased to Rs 2,750 per sq.ft in 2024, marking a change of +10%.

The current figure aligns with the median guideline value in Madipakkam-1, which is also Rs 2,750 per sq.ft. The 2024 revision shows that the guideline values for other streets in Madipakkam-1 range from Rs 1,650 to Rs 5,500 per sq.ft.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The guideline value for Ram Nagar South Phase-I is equal to the median of Rs 2,750 per sq.ft. Below are the guideline values for other streets in Madipakkam-1:

• Ram Nagar South, Narayanapuram: Rs 2,750 per sq.ft (2024)
• Ram Nagar South Phase II: 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, Sadasivam Nagar: Rs 2,750 per sq.ft (2024)
• Ram Nagar Sreenivasan Salai (Main Road): Rs 3,850 per sq.ft (2024)
• Ram Nagar South Extension 8th Main Road: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Ram Nagar South Phase-I

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total 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, bringing the total to 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 more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ram Nagar South Phase-I?

The Ram Nagar South Phase-I area falls under 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 serves as a benchmark for property transactions in Madipakkam-1. It is used to calculate the stamp duty and registration fees that buyers need to pay when registering their property.

When selling a property, the guideline value can influence the sale price, as it reflects the official valuation of the property in that area. Buyers and sellers should be aware of these values to ensure compliance with local regulations during property transactions.

Frequently asked questions

What is the current guideline value of Ram Nagar South Phase-I?

The current guideline value of Ram Nagar South Phase-I 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 Phase-I was Rs 2,500 per sq.ft in 2023 and increased to Rs 2,750 per sq.ft in 2024, marking a change of +10%.

What is the land classification for Ram Nagar South Phase-I?

Ram Nagar South Phase-I is classified as Residential Class I Type - III.

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.

How is the stamp duty calculated for properties in Ram Nagar South Phase-I?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the guideline value is Rs 27,50,000, and the stamp duty at 7% would be Rs 1,92,500.