Guideline Value for Rama naicken street

Rama naicken street guideline value

The current guideline value of Rama naicken street is Rs 4,800 per sq.ft, effective from 1 July 2024. This street is located in Vepery village under the Periamet SRO, classified as Residential Class II Type - II.

How the guideline value of Rama naicken street has changed

The guideline value for Rama naicken street has undergone several revisions over the years. In 2007, the value was Rs 800 per sq.ft, which saw a significant increase to Rs 4,500 per sq.ft in 2012. However, this figure dropped to Rs 3,015 per sq.ft in 2017. The subsequent revision in 2023 raised the value to Rs 4,500 per sq.ft, and the latest revision in 2024 set it at Rs 4,800 per sq.ft. The register has no figures for the years 2002 and 2003.

From 2007 to 2012, the guideline value increased by 463%, but it then decreased by 33% from 2012 to 2017. The value rose by 49% from 2017 to 2023, and the latest increase from 2023 to 2024 is 7%. Overall, from 2007 to 2024, the guideline value has increased by 500%.

Guideline values in Vepery

In Vepery village, there are 290 streets under the Periamet SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median guideline value is Rs 4,800 per sq.ft, and Rama naicken street’s 2024 figure aligns with this median.

• Ramasamy street: Rs 4,800 per sq.ft (2024)
• Ramu Pillai Street: Rs 7,700 per sq.ft (2024)
• RajaThottam 3rd street: Rs 2,700 per sq.ft (2024)
• RajaThottam 2nd street: Rs 2,700 per sq.ft (2024)
• RajaThottam 1st street: Rs 2,700 per sq.ft (2024)
• Ritherdon Avenue: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Rama naicken street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,800 per sq.ft, the total guideline value amounts to Rs 48,00,000. The stamp duty at 7% would be Rs 3,36,000, and the registration fee at 2% would be Rs 96,000, making the total charges Rs 4,32,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rama naicken street?

The Sub Registrar Office that covers Rama naicken street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Vepery. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees, which are mandatory for the legal transfer of ownership. This ensures that the government receives the appropriate revenue based on the assessed value of the property.

Frequently asked questions

What is the current guideline value of Rama naicken street?

The current guideline value of Rama naicken street is Rs 4,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2007 to Rs 4,800 per sq.ft in 2024, reflecting a 500% increase over the years, with several fluctuations in between.

What is the land classification of Rama naicken street?

Rama naicken street is classified as Residential Class II Type - II under the Periamet SRO.

Where is the Sub Registrar Office for Rama naicken street located?

The Periamet Sub Registrar Office is located at 1103, Poonamallee High Road, Chennai-600 003, which covers Rama naicken street.

How is the stamp duty calculated for properties in Vepery?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 48,00,000, the stamp duty at 7% would be Rs 3,36,000.