Guideline Value for RamaKrishna Raj 5th Street, Sheela Nagar

RamaKrishna Raj 5th Street, Sheela Nagar guideline value

The current guideline value of RamaKrishna Raj 5th Street, Sheela Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in the Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class I Type - III.

How the guideline value of RamaKrishna Raj 5th Street, Sheela Nagar has changed

The guideline value for RamaKrishna Raj 5th Street has seen significant changes over the years. The 2017 revision recorded a value of Rs 1,675 per sq.ft, which was subsequently increased to Rs 2,750 per sq.ft in the 2024 revision, marking a change of +64%. There are no figures available for the revisions in 2023, 2012, 2007, 2003, and 2002 for this street.

In summary, the guideline value has risen from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024. This increase reflects the current median guideline value for the area, which is also Rs 2,750 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 the same as the current guideline value for RamaKrishna Raj 5th Street.

• Ramakrishnaraji nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Ramakrishnaraji Nagar 2nd street: Rs 2,750 per sq.ft (2024)
• Ramakrishnaraji Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• Ramakrishnaraji Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Ramakrishnaraj Nagar: Rs 2,750 per sq.ft (2024)
• Ramakrishna Nagar, Manikavasagar Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in RamaKrishna Raj 5th Street, Sheela Nagar

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. Please note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers RamaKrishna Raj 5th Street, Sheela Nagar?

The Sub Registrar Office that covers RamaKrishna Raj 5th Street, Sheela Nagar 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 plays a crucial role in the registration process of property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of RamaKrishna Raj 5th Street?

The current guideline value of RamaKrishna Raj 5th Street, Sheela Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, reflecting a change of +64%.

What is the land classification for this street?

RamaKrishna Raj 5th Street is classified as Residential Class I Type - III.

Where can I find the Velacheri Sub Registrar Office?

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 this area?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.