Guideline Value for Ramagiri 1st Cross Street

Ramagiri 1st Cross Street guideline value

The current guideline value of Ramagiri 1st Cross Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Ramagiri 1st Cross Street has changed

The guideline value for Ramagiri 1st Cross Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 609 per sq.ft. This increased to Rs 683 per sq.ft in 2003, marking a change of +12%. The value then rose significantly to Rs 2,000 per sq.ft in 2007, which was a substantial increase of +193%. In 2012, the guideline value remained at Rs 4,500 per sq.ft, and this figure was unchanged until the 2023 revision.

The 2023 revision set the guideline value at Rs 4,500 per sq.ft, which remained consistent until the latest revision in 2024, where it increased to Rs 4,950 per sq.ft, reflecting a change of +10%. It is important to note that there is no figure available for the year 2017 in the register for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, placing Ramagiri 1st Cross Street's 2024 value above this median.

• Ramagiri 1st Street: Rs 4,950 per sq.ft (2024)
• Ramagiri 2nd Cross Street: Rs 4,950 per sq.ft (2024)
• Ramagiri 2nd Street: Rs 4,950 per sq.ft (2024)
• Ramagiri 3rd Cross Street: Rs 4,950 per sq.ft (2024)
• Ramagiri 3rd Street: Rs 4,950 per sq.ft (2024)
• Ramagiri 4th Cross Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Ramagiri 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, totaling Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramagiri 1st Cross Street?

The Sub Registrar Office that covers Ramagiri 1st Cross Street 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 Velachery

The guideline value plays a crucial role during property transactions in Velachery. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations associated with the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Ramagiri 1st Cross Street?

The current guideline value of Ramagiri 1st Cross Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 609 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, reflecting an overall increase of +713% over the years.

What is the land classification for Ramagiri 1st Cross Street?

The land classification for Ramagiri 1st Cross Street is Residential Class II Type - I.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Ramagiri 1st Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot valued at Rs 49,50,000, the stamp duty would be Rs 3,46,500 at a rate of 7%.