Guideline Value for Ramagiri 3rd Street

Ramagiri 3rd Street guideline value

The current guideline value of Ramagiri 3rd Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - I.

How the guideline value of Ramagiri 3rd Street has changed

The guideline value of Ramagiri 3rd Street has seen several revisions over the years. In 2002, the value was Rs 609 per sq.ft, which increased to Rs 683 per sq.ft in 2003. Following this, the value rose significantly to Rs 2,000 per sq.ft in 2007, and then to Rs 4,500 per sq.ft in 2012. However, it decreased to Rs 3,015 per sq.ft in 2017. The value then increased to Rs 4,500 per sq.ft in 2023, and finally, it is now Rs 4,950 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 713%. The changes between the revisions include a 193% rise from 2002 to 2007, a 125% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% rise from 2017 to 2023, and a 10% increase from 2023 to 2024. There are no figures in the register for any other revisions 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 value for these streets is Rs 4,400 per sq.ft, placing Ramagiri 3rd Street's 2024 figure above that median.

• Ramagiri 3rd Cross Street: Rs 4,950 per sq.ft (2024)
• Ramagiri 4th Cross Street: Rs 4,950 per sq.ft (2024)
• Ramagiri 2nd Street: Rs 4,950 per sq.ft (2024)
• Ramagiri 4th Street: Rs 4,950 per sq.ft (2024)
• Ramagiri 2nd Cross Street: Rs 4,950 per sq.ft (2024)
• Ramagiri 5th Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Ramagiri 3rd 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, making the total charges 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.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ramagiri 3rd Street?

The Sub Registrar Office that covers Ramagiri 3rd 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 the registration of property transactions in Velachery. It is used to determine the stamp duty and registration fees applicable when a property is bought or sold. The guideline value ensures that the property is registered at a value that is recognized by the government.

When buyers or sellers engage in a property transaction, the guideline value serves as a benchmark for the minimum value at which the property can be registered. This helps in maintaining transparency and accountability in property dealings.

Frequently asked questions

What is the current guideline value of Ramagiri 3rd Street?

The current guideline value of Ramagiri 3rd 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 changed from Rs 609 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, marking an overall increase of 713% over this period.

What is the classification of land on Ramagiri 3rd Street?

Ramagiri 3rd Street is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for Ramagiri 3rd Street?

The Velacheri Sub Registrar Office, which covers Ramagiri 3rd Street, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in Ramagiri 3rd Street?

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