Guideline Value for Ramagiri Nagar

Ramagiri Nagar guideline value

The current guideline value of Ramagiri Nagar, located in Velachery village under the Velacheri SRO, is Rs 4,950 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 Ramagiri Nagar has changed

The guideline value of Ramagiri Nagar has seen several revisions over the years. The oldest recorded revision was in 2007, when the value was Rs 2,000 per sq.ft. This increased significantly to Rs 4,500 per sq.ft in 2012, marking a 125% rise. However, from 2012 to 2017, the value decreased to Rs 3,015 per sq.ft, reflecting a 33% drop. The most recent revision in 2024 saw the guideline value rise to Rs 4,950 per sq.ft, a substantial increase of 64% from the 2017 figure.

It is important to note that there are no figures available for the years 2023, 2003, and 2002 in the register for this street. Overall, comparing the 2007 revision to the 2024 revision, there has been an increase of 148% in the guideline value.

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 Nagar's 2024 figure above this median.

• Ramagiri 6th Street: Rs 4,950 per sq.ft (2024)
• Ramagiri Nagar 100ft Taramani Link Road: Rs 13,200 per sq.ft (2024)
• Ramagiri 5th Street: Rs 4,950 per sq.ft (2024)
• Ramagiri Nagar 2nd Street / Seshadripuram: Rs 4,950 per sq.ft (2024)
• Ramagiri 4th Street: Rs 4,950 per sq.ft (2024)
• Ramagiri Nagar Ambedkar Colony: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Ramagiri Nagar

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

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramagiri Nagar?

The Sub Registrar Office that covers Ramagiri Nagar is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more details, you can find your SRO.

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

The guideline value is a crucial factor in the registration of property transactions in Velachery. 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 fees are based on the higher of the guideline value or the sale price of the property.

Frequently asked questions

What is the current guideline value of Ramagiri Nagar?

The current guideline value of Ramagiri Nagar 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 2,000 per sq.ft in 2007 to Rs 4,950 per sq.ft in 2024, reflecting an overall increase of 148% over the years.

What is the land classification of Ramagiri Nagar?

Ramagiri Nagar falls under the Residential Class II Type - I land classification.

Where can I find the Sub Registrar Office for Ramagiri Nagar?

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

How are stamp duty and registration fees calculated in Ramagiri Nagar?

Stamp duty and registration fees are calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total fee of Rs 4,45,500.