Guideline Value for Ramagiri Nagar 2nd Street / Seshadripuram

Ramagiri Nagar 2nd Street / Seshadripuram guideline value

The current guideline value of Ramagiri Nagar 2nd Street / Seshadripuram 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 Nagar 2nd Street / Seshadripuram has changed

In the 2012 revision, the guideline value was Rs 4,500 per sq.ft. This decreased to Rs 3,015 per sq.ft in the 2017 revision, marking a decline of 33%. However, the most recent revision in 2024 saw a significant increase, bringing the guideline value back up to Rs 4,950 per sq.ft, which is a 64% increase from the 2017 figure.

Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 for this street in the register.

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, with a median value of Rs 4,400 per sq.ft. The guideline value for Ramagiri Nagar 2nd Street / Seshadripuram is above this median.

• Ramagiri Nagar 100ft Taramani Link Road: Rs 13,200 per sq.ft (2024)
• Ramagiri Nagar Ambedkar Colony: Rs 4,950 per sq.ft (2024)
• Ramagiri Nagar: Rs 4,950 per sq.ft (2024)
• Ramagiri Nagar (Arumuga Nagar): Rs 4,950 per sq.ft (2024)
• Ramagiri 6th Street: Rs 4,950 per sq.ft (2024)
• Ramagiri Nagar Extn: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Ramagiri Nagar 2nd Street / Seshadripuram

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, bringing the total to 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 detailed calculations.

Which Sub Registrar Office covers Ramagiri Nagar 2nd Street / Seshadripuram?

The Sub Registrar Office that covers Ramagiri Nagar 2nd Street / Seshadripuram 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 is a critical factor in the registration process of property transactions in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Ramagiri Nagar 2nd Street / Seshadripuram?

The current guideline value of Ramagiri Nagar 2nd Street / Seshadripuram is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has seen fluctuations, starting from Rs 4,500 in 2012, decreasing to Rs 3,015 in 2017, and then rising to Rs 4,950 in 2024.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For a 1,000 sq.ft plot, the total cost would be Rs 4,45,500.

Which office handles property registration for Ramagiri Nagar 2nd Street / Seshadripuram?

The Velacheri Sub Registrar Office is responsible for property registration in Ramagiri Nagar 2nd Street / Seshadripuram, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What classification does Ramagiri Nagar 2nd Street / Seshadripuram fall under?

This street is classified as Residential Class II Type - I according to the land classification system.