Guideline Value for Ramachandra Nager (Ward-08)

Ramachandra Nager (Ward-08) guideline value

The current guideline value for Ramachandra Nager (Ward-08) is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Ramachandra Nager (Ward-08) has changed

The guideline value for Ramachandra Nager (Ward-08) has seen several revisions over the years. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 1,500 per sq.ft. This was an increase from the previous figure, marking a change of 7% when the value rose to Rs 1,600 per sq.ft in the 2024 revision.

With the 2024 revision, the guideline value reflects the median value for Madhavaram, which is also Rs 1,600 per sq.ft. The changes from 2023 to 2024 indicate a positive adjustment in the guideline value for this street.

Guideline values in Madhavaram

Madhavaram village has a wide range of guideline values, with 1,946 streets under the Madhavaram SRO carrying figures from Rs 1,300 to Rs 7,500 per sq.ft. The median value is Rs 1,600 per sq.ft, which is the same as the current guideline value for Ramachandra Nager (Ward-08).

• Ramachandra Nagar (Ward-24): 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 Nager (Ward-08)

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 at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total fees 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.

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

Which Sub Registrar Office covers Ramachandra Nager (Ward-08)?

The Sub Registrar Office covering Ramachandra Nager (Ward-08) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these costs are based on the guideline value or the sale price, whichever is higher, which can impact the total expenses involved in the transaction.

Frequently asked questions

What is the current guideline value for Ramachandra Nager (Ward-08)?

The current guideline value for Ramachandra Nager (Ward-08) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Ramachandra Nager (Ward-08) was Rs 1,500 per sq.ft in 2023 and increased by 7% to Rs 1,600 per sq.ft in 2024. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Ramachandra Nager (Ward-08)?

Ramachandra Nager (Ward-08) is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.

How are stamp duty and registration fees calculated in Madhavaram?

Stamp duty and registration fees in Madhavaram are calculated based on the guideline value or the sale price, whichever is higher. For example, a plot of 1,000 sq.ft at the guideline value of Rs 1,600 per sq.ft would incur a total fee of Rs 1,44,000.