Guideline Value for Ramaiahpillai Garden Street

Ramaiahpillai Garden Street guideline value

The current guideline value of Ramaiahpillai Garden Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, and it falls under the Residential Class I Type - I land classification.

How the guideline value of Ramaiahpillai Garden Street has changed

The guideline value for Ramaiahpillai Garden Street has seen several revisions over the years. In 2007, the value was Rs 1,200 per sq.ft, which increased significantly to Rs 4,000 per sq.ft in 2012. However, it dropped to Rs 2,680 per sq.ft in 2017. The 2023 revision set the value at Rs 4,000 per sq.ft, and the latest revision in 2024 raised it to Rs 4,400 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%, while the change from 2012 to 2017 was a decrease of 33%. The jump from 2007 to 2012 was a remarkable 233%. Overall, from 2007 to 2024, the guideline value has increased by 267%. It is important to note that there are no figures for the years 2002 and 2003 in the register for this street.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value, ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which is equal to the current value of Ramaiahpillai Garden Street.

• Ramaiyer Street: Rs 3,800 per sq.ft (2024)
• Ramachandra Mudali Street: Rs 4,400 per sq.ft (2024)
• Ramakrishna Street: Rs 5,500 per sq.ft (2024)
• Ramalinga Mudali Street: Rs 4,400 per sq.ft (2024)
• Ramanan Street: Rs 5,500 per sq.ft (2024)
• Ramanujam Aiyer Street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Ramaiahpillai Garden Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000. Together, the total cost for these fees would be Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Ramaiahpillai Garden Street?

The Sub Registrar Office that covers Ramaiahpillai Garden Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Muthiyalpet. It is used to determine the stamp duty and registration fees applicable when buying or selling property. Buyers must pay the stamp duty based on the guideline value or the sale price, whichever is higher.

When registering a property, the guideline value ensures that the transaction is recorded at a fair and standardized rate, helping to maintain transparency in the real estate market. This practice helps in assessing the value of properties across different streets and areas within Muthiyalpet.

Frequently asked questions

What is the current guideline value of Ramaiahpillai Garden Street?

The current guideline value of Ramaiahpillai Garden Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 1,200 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 267% over the years.

What is the stamp duty for properties in Ramaiahpillai Garden Street?

The stamp duty for properties in Ramaiahpillai Garden Street is 7% of the guideline value or the sale price, whichever is higher. For a 1,000 sq.ft plot, the stamp duty would be Rs 3,08,000.

Where can I find the Sub Registrar Office for Ramaiahpillai Garden Street?

The Sub Registrar Office for Ramaiahpillai Garden Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

What is the land classification for Ramaiahpillai Garden Street?

Ramaiahpillai Garden Street falls under the Residential Class I Type - I land classification, which is designated for residential purposes.