Guideline Value for Ramaiyer Street

Ramaiyer Street guideline value

The current guideline value of Ramaiyer Street in Muthiyalpet village, under the Sowcarpet SRO, is Rs 3,800 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Ramaiyer Street has changed

The guideline value for Ramaiyer Street has seen several revisions over the years. The earliest recorded figure is from 2007, where it was Rs 1,000 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in 2012, but then decreased to Rs 2,345 per sq.ft in 2017. Following that, there was a substantial increase to Rs 3,500 per sq.ft in 2023, and finally reaching the current value of Rs 3,800 per sq.ft in 2024, marking a 9% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 280%. Notably, there are no recorded figures for Ramaiyer Street in the years 2002 and 2003.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO with a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Ramaiyer Street's 2024 figure below that median.

• Ramaiahpillai Garden Street: Rs 4,400 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 Ramaiyer Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty at 7% would amount to Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, making the total cost for these fees Rs 3,42,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ramaiyer Street?

The Sub Registrar Office that covers Ramaiyer Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. To find your SRO, you can visit this link: find your SRO.

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 payable when registering a property. Buyers and sellers must consider this value to ensure compliance with local regulations and to understand the financial implications of their transaction.

When a property is bought or sold, the guideline value provides a baseline for calculating the necessary fees. It is essential for both parties to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Ramaiyer Street?

The current guideline value of Ramaiyer Street is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 3,800 per sq.ft in 2024, reflecting a total increase of 280% over the years.

What is the median guideline value in Muthiyalpet?

The median guideline value in Muthiyalpet is Rs 4,400 per sq.ft, which is above the current value of Ramaiyer Street.

What are the stamp duty and registration fees for a property in Ramaiyer Street?

For a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000, and the registration fee would be Rs 76,000, totaling Rs 3,42,000.

Which office handles property registrations for Ramaiyer Street?

The Sowcarpet Sub Registrar Office handles property registrations for Ramaiyer Street, located at No.11, Davidson Street, Sowcarpet, Chennai-01.