Guideline Value for Ram Pakshi Nagar

Ram Pakshi Nagar guideline value

The current guideline value of Ram Pakshi Nagar is Rs 2,970 per sq.ft, effective from 1 July 2024. This area is located in Hastinapuram village, under the Pallavaram Sub Registrar Office (SRO), and is classified as Residential Class I Type - I.

How the guideline value of Ram Pakshi Nagar has changed

Over the years, the guideline value of Ram Pakshi Nagar has seen significant changes. The earliest recorded figure is from the 2007 revision, which set the value at Rs 400 per sq.ft. This increased dramatically to Rs 2,700 per sq.ft in the 2012 revision, marking a rise of 575%. However, in 2017, the value decreased to Rs 1,809 per sq.ft, a drop of 33%. The 2023 revision saw a substantial increase to Rs 2,700 per sq.ft, followed by a further increase to Rs 2,970 per sq.ft in the 2024 revision, reflecting a 10% rise.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 643%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that have a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft, with the median being Rs 2,970 per sq.ft. The guideline value of Ram Pakshi Nagar aligns with this median.

• Rambakthi Nagar: Rs 2,970 per sq.ft (2024)
• Ramaswamy Street (Dikshither Nagar): Rs 1,650 per sq.ft (2024)
• Ranganathan Cross Street: Rs 2,970 per sq.ft (2024)
• Ranganathan Street: Rs 2,970 per sq.ft (2024)
• Rangasamy Street: Rs 2,970 per sq.ft (2024)
• Ramanujam Street: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in Ram Pakshi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value amounts to Rs 29,70,000. The stamp duty, charged at 7%, would be Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, making the total cost Rs 2,67,300. 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 Pakshi Nagar?

Ram Pakshi Nagar falls under the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Hastinapuram

The guideline value plays a crucial role in the registration process when buying or selling property in Hastinapuram. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used to calculate stamp duty and registration fees, ensuring that both parties are aware of the financial implications of the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property in the current market.

Frequently asked questions

What is the current guideline value of Ram Pakshi Nagar?

The current guideline value of Ram Pakshi Nagar is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 400 per sq.ft in 2007 to Rs 2,970 per sq.ft in 2024, which is an overall increase of 643%.

What is the land classification of Ram Pakshi Nagar?

Ram Pakshi Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where is the Pallavaram Sub Registrar Office located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2% of the same value. For example, for a 1,000 sq.ft plot, the total guideline value is Rs 29,70,000, leading to a total cost of Rs 2,67,300 when including both fees.