Guideline Value for Ramachandra Nagar

Ramachandra Nagar guideline value

The current guideline value of Ramachandra Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,600 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Ramachandra Nagar has changed

In the 2023 revision, the guideline value for Ramachandra Nagar was Rs 1,500 per sq.ft. This marked an increase of 7% from the previous year. The 2024 revision has set the guideline value at Rs 1,600 per sq.ft, reflecting the latest adjustment effective from 1 July 2024.

For the years prior to 2023, the register has no figure for this street in 2017, 2012, 2007, 2003, and 2002. Thus, no changes can be noted for those years.

Guideline values in Madhavaram

The guideline values for the 1,946 streets in Madhavaram under the Madhavaram SRO range from Rs 1,300 to Rs 7,500 per sq.ft, with the median value being Rs 1,600 per sq.ft. The current guideline value for Ramachandra Nagar aligns with this median.

• Ramachandra Nagar (Ward-24): Rs 1,600 per sq.ft (2024)
• Ramachandra Nager (Ward-08): 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

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, resulting in a total of Rs 1,44,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Ramachandra Nagar?

The Sub Registrar Office that covers Ramachandra Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Madhavaram, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

It is essential for buyers and sellers to be aware of the current guideline value, as it can influence the overall cost of the transaction. Ensuring that the property is registered at the correct guideline value helps in maintaining transparency and legal compliance in real estate dealings.

Frequently asked questions

What is the current guideline value of Ramachandra Nagar?

The current guideline value of Ramachandra Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed recently?

The guideline value increased from Rs 1,500 per sq.ft in 2023 to Rs 1,600 per sq.ft in 2024, representing a 7% increase.

Are there any revisions without figures for Ramachandra Nagar?

Yes, the register has no figure for Ramachandra Nagar in the years 2017, 2012, 2007, 2003, and 2002.

What is the land classification for Ramachandra Nagar?

Ramachandra Nagar is classified as Residential Class II Type - I.

Where can I find the Madhavaram Sub Registrar Office?

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