Guideline Value for Ramachandra Nagar (Ward-24)

Ramachandra Nagar (Ward-24) guideline value

The current guideline value for Ramachandra Nagar (Ward-24) is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class II Type - I.

How the guideline value of Ramachandra Nagar (Ward-24) has changed

The guideline value for Ramachandra Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which remained unchanged until the 2023 revision, where it also stood at Rs 1,500 per sq.ft. The 2024 revision marked a significant change, increasing the value to Rs 1,600 per sq.ft, reflecting a 7% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 7%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value is Rs 1,600 per sq.ft, which aligns with the current guideline value for Ramachandra Nagar (Ward-24).

• Ramachandra Nager (Ward-08): Rs 1,600 per sq.ft (2024)
• Ramachandra Nagar: Rs 1,600 per sq.ft (2024)
• Rama Elango St Sai Nagar (Ward-07): Rs 1,300 per sq.ft (2024)
• Ramalinga Colony A Block 1st Cross Street (Ward 23): Rs 2,700 per sq.ft (2024)
• Ramalinga Colony A Block 2nd Cross Street (Ward 23): Rs 2,700 per sq.ft (2024)
• Ramalinga Colony A Block 3rd Cross Street (Ward 23): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Ramachandra Nagar (Ward-24)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty, charged at 7%, would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total cost to Rs 1,44,000. It is important to note that the 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 Ramachandra Nagar (Ward-24)?

The Sub Registrar Office covering Ramachandra Nagar (Ward-24) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madhavaram. It serves as the basis for calculating stamp duty and registration fees, which are mandatory costs associated with property transactions.

When a property is registered, the guideline value is used to determine the applicable fees, ensuring that both buyers and sellers are aware of the financial implications of their transactions. This transparency helps facilitate smoother property dealings in the area.

Frequently asked questions

What is the current guideline value for Ramachandra Nagar (Ward-24)?

The current guideline value for Ramachandra Nagar (Ward-24) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 1,500 per sq.ft from 2012 to 2023, and it increased to Rs 1,600 per sq.ft in 2024, marking a 7% increase from the previous year.

What is the classification of land in Ramachandra Nagar?

Ramachandra Nagar is classified as Residential Class II Type - I, indicating its primary use for residential purposes.

Where can I find the Sub Registrar Office for Ramachandra Nagar?

The Madhavaram Sub Registrar Office, which covers Ramachandra Nagar, is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000.