Guideline Value for Ramaiya Naidu Colony

Ramaiya Naidu Colony guideline value

The current guideline value of Ramaiya Naidu Colony is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Peravallur village and falls under the Sembiam SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Ramaiya Naidu Colony has changed

The guideline value for Ramaiya Naidu Colony has seen several revisions over the years. In 2002, the guideline value was Rs 339 per sq.ft, which increased to Rs 369 per sq.ft in 2003. Following this, the value rose significantly to Rs 700 per sq.ft in 2007, and then further increased to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. The value then saw a substantial rise to Rs 2,500 per sq.ft in 2023, and finally reached Rs 2,700 per sq.ft in the 2024 revision.

The changes between these revisions are notable. From 2002 to 2024, the overall increase is 696%. The value saw a 90% increase from 2003 to 2007, followed by a 257% increase from 2007 to 2012. There was a decrease of 33% from 2012 to 2017, and then a 49% increase from 2017 to 2023. The most recent revision from 2023 to 2024 reflects an 8% increase.

Guideline values in Peravallur

In Peravallur, there are 423 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 7,100 per sq.ft, with a median of Rs 3,301 per sq.ft. The guideline value for Ramaiya Naidu Colony is below this median.

• Ramamurthy Colony 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Ramamurthy Colony 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Ramamurthy Colony 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Ramamurthy Colony 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Ramamurthy Colony Main Road: Rs 3,301 per sq.ft (2024)
• Ramanibai Colony Cross Street: Rs 2,400 per sq.ft (2024)

Stamp duty and registration fee for property in Ramaiya Naidu Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees to Rs 2,43,000. 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 details.

Which Sub Registrar Office covers Ramaiya Naidu Colony?

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

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

The guideline value is a crucial factor when registering property transactions in Peravallur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are charged based on the higher of the guideline value or the sale price, which can impact the total cost of the transaction.

Frequently asked questions

What is the current guideline value of Ramaiya Naidu Colony?

The current guideline value of Ramaiya Naidu Colony is Rs 2,700 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 339 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 696% over the years.

What is the land classification for Ramaiya Naidu Colony?

Ramaiya Naidu Colony is classified as Residential Class I Type - I, which is a designation for residential properties.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. This office handles registrations for properties in the area.

How do stamp duty and registration fees work in Ramaiya Naidu Colony?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. Buyers should be prepared to pay these fees when completing a property transaction.