Guideline Value for Ramaiah Nagar

Ramaiah Nagar guideline value

The current guideline value of Ramaiah Nagar, located in Madipakkam-1 village under the Velacheri SRO, is Rs 1,650 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class II Type - II land classification.

How the guideline value of Ramaiah Nagar has changed

In the 2017 revision, the guideline value was Rs 1,005 per sq.ft. This increased significantly to Rs 1,500 per sq.ft in the 2023 revision, marking a 49% rise. The latest revision in 2024 saw another increase of 10%, bringing the value to Rs 1,650 per sq.ft. There are no figures available for the years 2002, 2003, 2007, and 2012 for this street.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. This reflects the changes over the years, culminating in the current rate.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing the 2024 figure for Ramaiah Nagar below that median.

• RamaKrishna 5th Street: Rs 2,750 per sq.ft (2024)
• Ramachandra Salai 2nd Street: Rs 2,200 per sq.ft (2024)
• Ramachandra Salai 1st Street: Rs 2,200 per sq.ft (2024)
• Rama Chandara Salai: Rs 3,300 per sq.ft (2024)
• Ramakrishna Nagar, Manikavasagar Street: Rs 2,750 per sq.ft (2024)
• RamaKrishna Raj 5th Street, Sheela Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Ramaiah Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000. Together, the total cost for these fees would be Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Ramaiah Nagar?

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

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role during the registration of property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that are applicable when buying or selling property in this area.

When a property is registered, the guideline value is considered to ensure that the fees are calculated based on the official rates set by the government. This helps maintain transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of Ramaiah Nagar?

The current guideline value of Ramaiah Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,005 per sq.ft in 2017 to Rs 1,650 per sq.ft in 2024, marking an overall increase of 64% over this period.

What is the land classification of Ramaiah Nagar?

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

What are the stamp duty rates for property in Ramaiah Nagar?

The stamp duty for property in Ramaiah Nagar is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office located for Ramaiah Nagar?

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