Guideline Value for Ramaiya Colony

Ramaiya Colony guideline value

The current guideline value of Ramaiya Colony is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Kolathur village under the Sembiam SRO, classified as Residential Class IV Type - I.

How the guideline value of Ramaiya Colony has changed

The guideline value for Ramaiya Colony has seen several revisions over the years. Starting with the 2003 revision, the value was Rs 285 per sq.ft. This increased significantly to Rs 700 per sq.ft in 2007, marking a change of +146%. The 2012 revision saw the value rise to Rs 2,000 per sq.ft, an increase of +186%. However, in 2017, the value dropped to Rs 1,340 per sq.ft, reflecting a decline of -33%. The 2023 revision brought the value back up to Rs 2,000 per sq.ft, and the most recent 2024 revision set it at Rs 2,200 per sq.ft, which is a +10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by +672%. It is important to note that the register has no figure for the year 2002 for this street.

Guideline values in Kolathur

In Kolathur village, there are 879 streets under the Sembiam SRO, with guideline values ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Ramaiya Colony's 2024 figure below that median.

• Ramakrishana Nagar: Rs 2,700 per sq.ft (2024)
• Ramadhas Nagar: Rs 2,200 per sq.ft (2024)
• Ramani Nagar: Rs 2,700 per sq.ft (2024)
• Ramdoss Nagar: Rs 2,700 per sq.ft (2024)
• Raja Rajeswari Nagar: Rs 2,700 per sq.ft (2024)
• Raja Rajashwari Nagar Extension: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Ramaiya Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost for these fees Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ramaiya Colony?

The Sub Registrar Office that covers Ramaiya Colony is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kolathur. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from transactions.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, ensuring that the transaction is recorded accurately in the public registry.

Frequently asked questions

What is the current guideline value of Ramaiya Colony?

The current guideline value of Ramaiya Colony is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 285 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of +672% over this period.

What is the registration office for Ramaiya Colony?

The registration office for Ramaiya Colony is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated in Ramaiya Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.

What are the guideline values for other streets in Kolathur?

Other streets in Kolathur have varying guideline values. For instance, Ramakrishana Nagar and Ramani Nagar both have a guideline value of Rs 2,700 per sq.ft, while Ramadhas Nagar and Raja Rajashwari Nagar Extension have a value of Rs 2,200 per sq.ft.